Cairo – Mubasher: Madinet Nasr Housing and Development is planning to invest EGP700 million in the first phase of KM45 project in New Cairo, the company said.
In the first phase, the company will start developing 200,000 sqm out of 5.5 million sqm.
Earlier, the real estate developer signed a joint venture agreement with Palm Hills to co-develop a residential complex extending over 434,000 sqm, with estimated revenues ranging between EGP4.6 billion and EGP5.5 billion, said Ahmed Mohamed El Sayed, Chairman & CEO.
Madinet Nasr will hold 36% of the co-development agreement revenues.
In the fourth quarter of 2015, the company‘s profits moved up to EGP91 million profits from EGP51 million.
