Palm Hills signs an EGP3.5bln agreement for a new project in Ain Sokhna

Palm Hills Developments has inked a co-development agreement with Al Shorouk for Touristic Development on a mixed-use project in Ain Sokhna with total investments of 3.5 billion Egyptian pounds.

The new project will be on a revenue-sharing basis.  The residential sales are expected to reach around 5.1 billion pounds

However the companies is expected initial delivery to be with in three years from the project’s launch

The developmet will be on a built up area of 116 feddans with 1.5 km beachfront and will be developed over five phases.

Situated on km 93 Suez-Zaafrana road, The project is planned to comprise 1,201 units with a built-up area of about 163,655 square metres.

Palm Hills will take over all construction, development, infrastructure, marketing, and sales activities.

The project’s master plan, finalised by the two companies, includes standalone units, town houses, senior and junior chalets, and serviced apartments, as well as hospitality and recreational activities and commercial facilities.