Palm Hills Developments Company receives the approval of the New Urban Communities Authority (NUCA) on co-development of integrated residential community spanning an area of 12.6 mn square meters in West Cairo, Reuters reports.

Palm Hills is to be responsible for financing, construction, development, internal infrastructure, marketing and sales activities, while NUCA will be contributing land bank in addition to all external associated infrastructure to boundaries of land

The residential project is planned for launch during 2018.

NUCA is to receive cash revenue share of 26%, in-kind payment of up to 371,000 square meters of residential built-up area (BUA), 50,000 square meters of commercial BUA.