11 September, 2019

Egypt's Palm Hills inks deal with German firm to manage Badya’s phase 1A

JBI will provide all project management services

Image used for illustrative purpose. A Chinese construction labourer works at the site of the future Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

Image used for illustrative purpose. A Chinese construction labourer works at the site of the future Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.

REUTERS/Amr Abdallah Dalsh

Cairo – Mubasher: Palm Hills Development Co announced signing a service agreement with Julius Berger International GmbH (JBI) to manage phase 1A of Badya project in Sixth of October city.

Under the deal, JBI will provide all project management services, including managing and monitoring all activities of contractors, serving as the project advisor, managing designs and construction programme, and implementing off-site manufacturing and mock ups, the real estate developer said in a statement to the Egyptian Exchange (EGX) on Wednesday.

The project management services also include cost management, value engineering management, quality control management, and construction strategy development.

Badya’s phase 1A streches over 332 feddans out of the project’s total 3,000 feddans.

It is noteworthy that Palm Hills Development Co is in talks with foreign banks to obtain loans between EGP 1.5-2 billion to finance the first phase of Badya project, the company’s chairman Yasseen Mansour said.

During the first half of 2019, the real estate developer’s profit rose to EGP 451.47 million, compared to EGP 439.9 million in the year-ago period, including minority shareholders’ rights.

Source: Mubasher

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