Palm Hills Developments has signed a contract with Madinet Nasr for Housing and Development (MNHD) to establish comprehensive housing project in eastern Cairo near to the new administrative capital.
The new administrative capital is to be located east of Cairo outside the Second Greater Cairo Ring Road in a currently largely undeveloped area halfway to the seaport city of Suez.
According to a statement released on Sunday, the project is to be implemented on the space of 434.000 m2 and expected to achieve revenues volume ranging between 4.6 billion and 5.5 billion Egyptian pounds.
The statement also stated that Palm Hills will be charged with construction works, utilities in addition to developing and promoting the project while MNHD to participate with the land estimated at 5.5 million square meters located in Kilo 45 on Cairo-Suez desert road as well as executing the internal utilities networks.
The project – set to be developed upon four phases- is expected to include 2.600 – 2.900 apartments.
As pursuant to the contract, Palm Hills will attain 64% of project’s revenues while Madinet Nasr is to get the other 36% of the revenues.
Moreover, it is expected to start promoting the project and offering the units for reservation at the final quarter of 2015, the statement noted.