By Ahmed Allam

Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) signed an agreement with Palm Hills Development Co. (PHD) to jointly develop an integrated housing project in east Cairo over an area of 434,000 sqm, said Ahmed El Hatimi, general manager at MNHD.

The official added that estimated total revenues range between EGP 4.6-5.5 billion.

Phase one in the project is scheduled to start during the first quarter in 2016, said the official, adding that promotion for the housing units will start in the last quarter of 2015.

The project will be built on a land plot owned by MNHD, which is located on Cairo/Suez desert road near the new administrative capital to be constructed by the government.

PHD will carry out construction works as well as internal utilities and marketing, while MNHD will provide the land area and be responsible for the external utilities. PHD will receive 64% of the project revenues, while MNHD will receive the remaining 36%.

Translated by Sayed Abdel Rahman