Egyptian property Palm Hills mulls borrowing $121 mln from foreign banks

Egypt’s Palm Hills Developments is studying borrowing between 1.5-2 billion Egyptian pounds ($91.1-$121.4 million) from foreign banks to finance the first phase of Badya Compound.

The property developer is executing the residential project over 3,000 feddans in Sixth of October City in partnership with the Egyptian Ministry of Housing, chairman Yasseen Mansour said on Tuesday. The project is with investments of 320 billion pounds.

The ministry captures 26 percent share of the Badya’s returns as well as 425,000 square metres of the compound’s total space, he added.

“Palm Hills has pumped investments of around 800 million pounds into Badya and started the project’s construction works last year,” Mansour said.