Palm Hills Development eyes injecting funds into Badya by end-2021

The first phase of the project includes nearly 3,300 units

  
Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021.

Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021.

REUTERS/Mohamed Abd El Ghany

ArabFinance: Palm Hills Development Company (PHDC) is planning to boost its investments in the first phase of Badya project, located in the 6th of October city, to reach EGP 1 billion by the end of 2021, the company’s Senior Vice President Ahmed Atallah told Al Borsa Newspaper.

The real estate developer has pumped up to EGP 600 million in Badya project so far, Atallah remarked.

Moreover, the company is seeking to deliver 1,000 units in Badya during 2022, he noted.

The first phase of the project includes nearly 3,300 units at an investment cost of EGP 6 billion, Atallah added.

Spanning 3,000 acres, Badya project is being developed by Palm Hills Development in partnership with the New Urban Communities Authority (NUCA).

Palm Hills is an Egypt-based company that focuses on real estate investment in the new cities and urban communities, land reclamation and cultivation, and other activities associated with the Company’s operations.

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