Palm Hills Developments has joined hands with Madinet Nasr for Housing & Development (MNHD) to develop two pieces of land in Egypt which is spread over 433,643 sq m, said a report.

The land will be owned by the MNHD through the capital increase in progress, with a value of E£1.648 billion ($215 million), reported the Daily News Egypt.

As per the deal, Palm Hills will handle designing the detailed outline of the project site, as well as the design, marketing, execution, financing and unit delivery work. This will see 64 per cent of revenues getting distributed to Palm Hills, and the rest 36 per cent to the MNHD.

The project will come up on a 5.5 million sq m area on the Cairo-Suez Desert Road, near the new administrative capital, said the report.

Palm Hills will finance the project, which comprises residential buildings with floors ranging from ground to three floors and ground to five floors, with total area of 484,100 sq m.

The development works would be implemented in four phases and the entire project is likely to take over ten years for completion, it stated.

The project is expected to start by the end of the year with the units of the first phase to be delivered over the next four years, the report added.