Palm Hills, Madinet Nasr plan Joint Project near Egypt’s New Capital

Egypt’s leading real estate developers Palm Hills and Madinet Nasr for Housing & Development signed Wednesday a preliminary agreement for a joint project located near the country’s new administrative capital project.

In a joint statement to the Egyptian Exchange on Wednesday, Palm Hills Developments (PHD) and Madinet Nasr Housing (MNHD) signed a memorandum of understanding (MOU) to develop a real estate project over a 433,643 square metre land plot owned by MNHD.

The project will be implemented over part of MNHD’s KM45 project, which has a total area of 5.5 million square metres at the Cairo-Suez desert highway and will be close to the country’s new Cairo Capital project launched at the Egypt Economic Development Conference earlier this month.

The project will be implemented over four phases, expected to generate 4.6 billion Egyptian pounds (US$603 million) to 5.5 billion pounds (US$721 million) over 9 to10 years.

First phase units are expected to be delivered in four years after the implementation kicks off, according to the statement.

Under the agreement, Madinet Nasr will contribute the land and bear the main infrastructure networks’ costs, while Palm Hills will bear the construction and marketing costs, in addition to offering a detailed master plan for the project in return for 64 percent revenue share and MNHD will get 36 percent.

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