Madinet Nasr for Housing and Development (MNHD) — one of Egypt’s urban community developers — announced on Sunday the signing of a memorandum of understanding (MoU) with Al-Hazek Construction — a subsidiary of Al-Hazek Group — to carry out construction work worth EGP 1.5bn for its projects.
The first project that will benefit from this deal is the Shalya project in Taj City, New Cairo.
Under this agreement, Al-Hazek Construction will carry out construction work of 34 residential buildings in Shalya with a total of 941 units with various spaces ranging from 69 to 300 sqm, spanning 34 feddans.
The scope of work will extend to cover a number of phases within the project over the two-year term of the agreement. The first phase of the project is expected to be delivered within 18 months.
Taj City is being developed over an area of 3.5m sqm with a total sales volume of EGP 30bn.