Arab Finance: The board of Misr El-Gedida for Housing and Development has entered into a partnership agreement with Modad Real Estate Development Company for the development of a 25-feddan land plot in New Heliopolis City, according to a bourse filing.

Under the agreement, the EGX-listed company will hold a 38% stake in the project, with an expected share of total revenues estimated at EGP 6.08 billion and a guaranteed minimum revenue of EGP 3.54 billion.

Meanwhile, the company will be entitled to 12% of the value of the finishing works, in addition to an upfront contract payment of EGP 60 million.

The members also authorized inviting a selected group of private-sector contractors to submit bids for the construction of the first phase of the Jadina project in New Heliopolis.

Designed by ECG, the phase comprises 560 residential units alongside three administrative and commercial buildings.

Misr El-Gedida has also begun procedures to obtain construction permits for the second zone of its 300-feddan development in New Heliopolis. The phase will include 600 residential units and carries an estimated development cost of EGP 2.25 billion.

Last month, the development group completed the designs for an integrated entertainment, commercial, and hospitality destination in New Heliopolis City, with an estimated investment cost of EGP 5 billion.