Egypt's Palm Hills Development will launch the second phase of its Badya residential project, located in 6th of October city in 2023, the company's Vice President for Development said.
Ahmed Atalla told Zawya Projects that to date, 60 percent of Phase 1, comprising of 2,300 apartments and 1,000 villas and town houses spread over an area of 340 acres has been completed.
He added that Phase 2 is scheduled to be launched by 2023.
Badya is a joint venture between PHD and New Urban Communities Authority (NUCA). The 3,000-acre development will feature 50,000 residential units, including apartments, villas and townhouses, and has been designed by German architecture firm AS+P.
Chairman Yassin Mansour said Badya's 85-acre sports club would be delivered in three years, in three phases, with Phase 1 delivery scheduled for 2022. He added that Badya International University would be operational by 2023. The project's master plan also includes six schools, malls, offices, and five-star hotels
PHD will invest 3.8 billion pounds ($241 million) in its various projects next year, added Mansour.
The company owns a 35 million square metre land bank across Egypt, and is developing residential projects in West Cairo, East Cairo, and projects on the Red Sea and Mediterranean Sea coasts.
(1 US Dollar = 15.75 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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