PHD co-developing 12.6 mn sqm project in Sixth of October with NUCA

Palm Hills Developments (PHD) announced that the New Urban Communities Authority (NUCA) approved an agreement to co-develop a residential project on 12.6 mn sqm in Sixth of October. “The project is an integrated community with complete residential complex offering multi tenants buildings, standalone units complemented by full spectrum of commercial, educational and leisure facilities. The land allocation will be split as 88% for residential and 12% for commercial developments.” The project will be implemented on a revenue sharing basis, with NUCA taking a 26% revenue share as well as an in-kind payment of up to 371k sqm of residential built-up area and 50k sqm of commercial BUA.