Madinet Nasr inks a co-development agreement of an integrated residential community

Through this agreement, PHD will be responsible for all construction, development, internal infrastructure, marketing and sales activities, while MNHD will be contributing the land alongside all associated external infrastructure. The project will be developed over four phases and is expected to house 2,600 to 2,900 apartments representing a built up area of up to 484,100m2, translating into an estimated revenue ranging between EGP4.6 billion to EGP5.5 billion.PHD will be entitled to a revenue share of 64%, with MNHD holding the remaining 36% which translates into an average NPV of EGP 1,900/m2 of land (dependent upon number of units to be contracted/sold during the project’s life). The project is expected to be launched soon, with pre-sales commencing during 4Q 2015.

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