Hills launches a project in New Cairo, to develop another with NUCA Palm
Hills Developments (PHD) has launched Capital Gardens, a co-development with Madinet Nasr Housing & Development (MNHD). The New Cairo project’s first tranche of 280 apart- ments from the first phase’s 756 apartments, saw a total of 240 apartments pre-sold for a contractual value of LE 327 million. Capital Gardens is an integrated residential community on 433,643 square meters in MNHD's 5.5-million square meters project Sarai. Unit deliveries of the first phase are to be com- pleted by end of 2019. PHD also signed an agreement with the New Urban Communities Authority to co-develop an integrated residential community in East Cairo over 2.1 million square meters. PHD is responsible for financing, construction, devel- opment, internal infrastructure, marketing and sales activities, while NUCA contributes the land bank and associated external infrastructure to the boundaries of the project. The community is expected to house 9,000-10,000 residential units for a built-up area over 1.8 million square meters, with estimated revenues of LE 33 to LE35 billion (including commercial and investment property). NUCA is entitled to a revenue share of 42 percent.