PROJECTS: Egypt's Palm Hills Developments is planning to deliver 1,000 units of Badya by 2022

$4bln Badya residential project is located in 6th of October city

  
 Egypt's Palm Hills Development will deliver 1,000 villa units of its Badya project in 2022

Egypt's Palm Hills Development will deliver 1,000 villa units of its Badya project in 2022

Palm Hills Development/handout via Zawya Projects

Egyptian developer Palm Hills Developments (PHD) will deliver 1,000 residential units, including villas and apartments, of its Badya project, located in 6th of October city, in 2022, the company's Vice President for Development said. 

Ahmed Atalla told Zawya Projects that delivery of villas had commenced last month. 

Spread over an area of about 3,000 acres sub-divided into six areas, Badya is being developed at a total investment of about 65 billion Egyptian pounds ($4 billion). 

He said the 6-billion-pound ($382 million) Phase 1, comprising of 3,300 units, would be completed in 2024.  

“We have completed 60 percent of first phase. We will start construction of Badya University in December and complete the project in 2023,” Atalla said. 

 In a previous press statement, PHD had said they intend to deliver 1,000 residential units of Palm Hills New Cairo by the first quarter of 2022. 

The 500-acre project is being developed in partnership with the New Urban Communities Authority (NUCA) at an investment of about 25 billion pounds ($1.6 billion). 

The project includes 4,500 residential units featuring apartments, villas, townhouses, and stand-alone villas spread over an area of about 400 acres, while the remaining 100 acres includes commercial and entertainment facilities and utilities. 

The company has delivered 154 units to date and is targeting 300 units by the end of 2021, the statement said. 

(1 US Dollar = 15.71 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com

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© ZAWYA 2021

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