Egypt’s property developer Palm Hills launches Badya in 6th Oct. City
Egypt’s second largest listed real estate developer firm Palm Hills Developments says it has launched its newest residential flagship Badya Compound in Sixth of October City, 38km (23.6 miles) from the centre of Cairo.
Palm Hills’ chairman Yasseen Mansour said Tuesday that the project, which is with investments of 320 billion Egyptian pounds ($18 billion), will be carried out within a timeframe of 12 years.
“The project is set to be executed on a space of 3,000 feddans in three phases, including three tranches,” Mansour further stated, adding that the first phase will be delivered within 2019.
As for the first tranche, he said it is to comprise 1,040 residential apartments and 340 villas, with target sales worth 3.25 billion pounds. The first tranche is set to be handed over within four years.
The official referred that Palm Hills seeks to achieve estimated at 470 billion pounds from Badya Compound that aims to provide 250,000 job opportunities.
“We target sales worth 3.25 billion pounds from the project’s first phase,” Mansour concluded.