Cairo - Mubasher: Palm Hills Developments (PHD) announced on Tuesday the successful launch and uptake for Palm Hills New Cairo, the co-development project with New Urban Communities Authority (NUCA) on a revenue sharing basis.
On 15 November, PHD launched new sales of the first tranche comprising 157 standalone units despite having offers for 250 units. All offered standalone units were sold at a total value of EGP 1.04 billion, the company said in a statement.
Palm Hills New Cairo is a planned integrated residential community in East Cairo spreading over 2.1 million square metres, approximately 500 feddans including 100 feddans for commercial development solely.
The project is located in proximity to the planned new administrative capital city announced by the Egyptian government. Construction works of the first phase will commence during 2017 with all unit deliveries scheduled for during 2021, the statement indicated.
