Egypt’s New Urban Communities Authority (NUCA) will receive benefits from the partnership with Palm Hills Development Company worth up to 25 billion Egyptian pounds , the Egyptian minister of housing stated on Monday.
Mustafa Madbouly further said that he agreed to complete the procedures of the memorandum of understanding (MoU) previously signed between the two entities to establish the October Oasis project in Sixth of October City.
The minister explained that the project will be located on an area of 3,000 acres in Sixth of October City, and the authority will receive a payment of 350 million pounds in three instalments.
Palm Hills will undertake all the interior activities including financing, construction, development, and infrastructure, set to start execution during 2018.
The company expects the project to include residential areas ranging from six million to eight million square metres, with 88 percent of the land being allocated to resident buildings and 12 percent to commercial buildings.
Source: Mubasher
