Cairo – Mubasher: Madinet Masr Housing and Development and Midar for Investment and Urban Development penned a partnership agreement for an integrated residential urban project in phase four of Mostakbal City.
The total expected revenue for the project is around EGP 64 billion, according to a bourse disclosure.
Meanwhile, the total investment value of the project is estimated at nearly EGP 52 billion.
The partnership percentages are 38% for Midar and 62% for Madinet Masr, which is committed to paying a guaranteed minimum over eight years from the contract date, with a present value of EGP 7.6 billion, which is approximately EGP 21.4 billion in estimated future value.
Madinet Masr paid an advance amount of EGP 1.07 billion upon signing the contract.
Earlier this month, the EGX-listed firm and Heliopolis Housing and Development Company inked a co-development project in New Heliopolis City.
