Cairo – Mubasher: NBK Capital, the investment arm of Kuwait’s NBK, said Sunday the ‘Capital Gardens’ development to be carried out by Palm Hills Development (PHD) in partnership with Madinet Nasr Housing is ‘positive’ for PHD.
PHD announced on 2 December signing a Memorandum of Understanding (MoU) with Madinet Nasr to carry out the new project which is located in New Cairo over an area of 103 feddans.
NBK Capital expects the project to generate revenues between EGP 4.6 billion and EGP 5.5 billion in the coming nine to ten years.
The new project comes within PHD’s vision to carry out integrated real estate projects in strategic areas, said CEO Tarek Abdel Rahman.
The top executive added that the project will be carried out over four phases, the first of which will be started this month.
