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BRIEF-Palm Hills, NUCA to develop EGP 150 bln residential project
September 12, 2017 / 8:32 AM / in 3 months

BRIEF-Palm Hills, NUCA to develop EGP 150 bln residential project

Sept 12 (Reuters) - PALM HILLS DEVELOPMENTS COMPANY

* SAYS CO AND NUCA INK CO-DEVELOPMENT AGREEMENT OF AN INTEGRATED RESIDENTIAL COMMUNITY SPREADING 12.6 MILLION SQM IN WEST CAIRO

* SAYS CO WILL BE RESPONSIBLE FOR FINANCING, CONSTRUCTION, DEVELOPMENT, INTERNAL INFRASTRUCTURE, MARKETING AND SALES ACTIVITIES

* SAYS NUCA WILL BE CONTRIBUTING LAND BANK ALONGSIDE ALL ASSOCIATED EXTERNAL INFRASTRUCTURE TO BOUNDARIES OF PROJECT

* NUCA TO GET REVENUE SHARE OF 26 PERCENT, TRANSLATING INTO C.EGP 25.2 BILLION PAYABLE OVER 12 YEARS TO GOVERNMENT, IN-KIND PAYMENT OF BUA OF UP TO 422K SQM

* SAYS PROJECT’S INVESTMENT COST IS ESTIMATED AT EGP 150 BILLION Source: (bit.ly/2wTQMh7) Further company coverage:

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