Palm Hills Development injects $121mln into various projects in 9 months: Chairman

ArabFinance: Palm Hills Development Company (PHDC) has invested around EGP 4 to 5 billion in Palm Hills New Cairo since the beginning of its construction to-date, Chairman Yassin Mansour told Al Mal Newspaper.

Construction works at the first and second phases of the project, being established over 100 acres and 70 acres respectively, are almost complete now, Mansour said.

Nearly 190 residential units have been handed over a year ahead of their delivery date, along with other 154 units, he pointed out.

The company is establishing this project in partnership with the New Urban Communities Authority (NUCA), with NUCA owning around 28.4% of the projects cash proceeds, in addition to, 175,000 square meters of the residential units and 17,000 square meters of the commercial area, he added.

It is worth noting that Palm Hills New Cairo is being established on a 500-acre area, with a total investment of EGP 25 billion.

Moreover, Mansour highlighted that the company has pumped investments worth around EGP 1.9 billion in various construction projects during the first nine months of 2021, versus a sum of EGP 800 million that was pumped in 2020.

He also added that Palm Hills is close to team up with Telecom Egypt (ETEL) in operating the infrastructure of the projects of New Cairo and Badya.

On the other hand, the company is expected to issue a securitization program at a value of EGP 1.1 billion over the coming period, the chairman said.

In October, Palm Hills announced that its board of directors approved to close a securitization issuance valued at EGP 1.1 billion with Sarwa Securitization.

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 Companys operations.