(Photo courtesy of Palm Hills Development)
Palm Hills and Madinet Nasr for Housing and Development (MNHD) have signed a Memorandum of Understanding (MoU) to establish an integrated residential project on the Cairo-Suez desert road.
The project will be constructed on 103.25 feddans of land owned by MNHD. The project will be developed over four stages ranging between nine to 10 years, an official Palm Hills statement revealed.
The first stage of the project will be completed after four years, and will include residential buildings with four to six floors.
MNHD will offer the land and act as the project’s master developer, conducting the networking, infrastructure and utilities work. Palm Hills will be responsible for the project’s design, marketing, implementation and delivery to clients.
The revenues expected from the project will range between EGP 4.6bn and EGP 5.5bn, of which 64% will go to Palm Hills and 36% to MNHD.
