Palm Hills Developments announced it has signed a deal with Madinet Nasr for Housing and Development (MNHD), under which they will establish a housing project in eastern Cairo, not far from the country's proposed new administrative capital project, Capital City.
The project will span an area of 434,000sqm, and is expected to generate revenues worth between $587.4m (EGP4.6bn) and $702.4m (EGP5.5bn), once complete.
Palm Hills will carry out construction and utilities work, in addition to developing and promoting the project.
MNHD will provide 5.5m sqm of land in Kilo 45 area on the Cairo-Suez desert road, and build internal utilities networks, for the project.
The contract states Palm Hills will retain 64% of the project's revenues, while MNHD will receive the remaining 36%.
Construction development will be split across four phases, local daily Amwal Alghad reported.
Comprising between 2,600 and 2,900 apartments, the project's promotion and unit sales are expected to commence in the last quarter of 2015.