ODE inks final agreement with NUCA to co-develop 4.2 mn sqm in Six October City, expected to generate EGP 77 bn

Orascom Development (ODE) has signed a contract with the New Urban Communities Authority (NUCA) to co-develop a 4.2 mn sqm project in 6 October City, ODE said in a press release (pdf). The project is based on a revenue sharing model, through which NUCA is to retain 26% of the total residential sales during the first eight years. The initial plan was to build a Gouna-style town in 6 October City, as we had reported back in June.