Cairo – Mubasher: The New Urban Communities Authority (NUCA) will receive benefits from the partnership with Palm Hills Development Company worth up to EGP 25 billion, the Egyptian minister of housing stated on Monday.
Mostafa Madbouli said that he agreed to complete the procedures of the memorandum of understanding (MoU) previously signed between the two entities to establish the October Oasis project in 6th of October City.
The minister explained that the project will be located on an area of 3,000 acres in 6th of October City, and the authority will receive a payment of EGP 350 million in three instalments.
Palm Hills will undertake all the interior activities including financing, construction, development, and infrastructure, set to start execution during 2018.
The company expects the project to include residential areas ranging from 6 million to 8 million square metres, with 88% of the land being allocated to resident buildings and 12% to commercial buildings.
