Cairo - Mubasher: Palm Hills Development (PHD) and New Urban Communities Authority (NUCA) have signed the final contracts to develop an integrated resident project.
The project that will be located in east Cairo is spread over 500 acres and will be based on revenue-sharing scheme.
Through this agreement, PHD will handle all the project's operations in respect to finance, development, structure as well as sales and marketing process, while NUCA will contribute with the land plot.
The projects' estimated cost is around EGP 12 billion, while it is expected to generate revenues of nearly EGP 33 billion to EGP 35 billion.
NUCA will obtain 42% of the project's revenues, which is equivalent to EGP 10 billion that will be paid to the Egyptian government over 13 years.
PHD noted that the project's construction works are expected to start by the third quarter of 2016.
Palm Hills saw an increase of 213.5% in net profits for the first nine months of 2015.
