Palm Hills Developments (PHD) announced that it had signed a revenue-sharing agreement to develop an integrated resort in the North Coast, over a land area of 565,530 sqm (c134.6 feddans), with a number of private land owners. The land plot is located in Ras El-Hekma in the North Coast, 65 km west of Hacienda White 1. Under the agreement, PHD will be entitled to a revenue share of 80%, with partners holding the remaining 20%, with a minimum revenue guarantee of EGP200 million over 10 years. PHD will be responsible to deliver infrastructure, development, construction works, and marketing and sales activities. The project is planned to be developed over a period of seven years, with a total built-up area of up to 235,000 sqm. The estimated revenue of the project is between EGP2.5 billion and EGP3.0 billion. It will include 525 residential units, as well as retail facilities and a boutique hotel. Management expects pre-sales to commence in summer 2016. (Company disclosure)