Hills launches a project in New Cairo, to de­velop an­other with NUCA Palm

Business monthly (Egypt) - - MAR­KET WATCH -

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.

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