Egypt’s Palm Hills Developments (PHD) will invest 20 billion Egyptian pounds ($647 million) in the second phase of its Badya residential project in 6th of October City.
Chairman Yassin Mansour said the EGX-listed developer has successfully completed the construction works of the residential portion of the 340-acre first phase, comprising 3,372 villas and apartments at a total cost of EGP12 billion ($388 million), according to a press statement by the Housing Ministry.
The final works of the first phase were inspected by Egypt’s Prime Minister Mustafa Madbouly. Mansour said 1,600 units have been delivered to date to customers.
He added that PHD registered EGP35 billion ($1.1 billion) in sales during the nine months ended 30 September 2023.
The 3,000-acre development, which is a joint venture between PHD and New Urban Communities Authority (NUCA), will feature 50,000 residential units, and cost EGP100 billion ($3.2 billion). As a joint venture partner, NUCA, which comes under the Ministry of Housing, is entitled to both cash revenue and in-kind payments in the form of Built-Up Area (BUA).
Asim al-Jazzar, Minister of Housing, Utilities and Urban Communities said NUCA is joint venture partner in 76 real estate projects including Badya that together account for a total land area of 13,500 acres and a total investment of about EGP1.15 trillion ($37 billion(.
Developed by German architecture firm AS+P, Badya is divided into six independent stages that are linked to the heart of the city hosting commercial, retail, entertainment and food and beverage destinations. The project is also the first sustainable city in MENA to abide by Un Sustainable Development Goals.
Source: Zawya
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