Palm Hills Development (PHD) has entered into a agreement with Madinet Nasr Housing & Development (MNHD) to develop a residential community in East Cairo over 433,643 sq m of land, a report said.

The estimated value of the project is between EGP4.6 billion ($593 million) and EGP5.5 billion ($709 million), added the Daily News Egypt report.

“PHD will be responsible for all construction, development, internal infrastructure, marketing and sales activities, while MNHD will be contributing the land alongside all associated external infrastructure,” the companies said in a joint press release.

The project will be constructed over four phases, and is expected to be launched within the fourth quarter of 2015, the report said.

The housing area will include 2,600 to 2,900 apartments, the companies highlighted.

“PHD will be entitled to a revenue share of 64 per cent, with MNHD holding the remaining 36 per cent which translates into an average NPV of EGP 1,900 per sq m of land,” the companies added.