Palm Hills to begin EGP400bn project mid-April

Palm Hills to begin EGP400bn project mid-April
The project will be implemented at a total cost of EGP 400 billion
Palm Hills PHDC 1.51% 4.71 0.07

Cairo – Mubasher: Palm Hills Development Co and the Egyptian housing ministry will start executing October Oasis project by mid-April, Alborsa News reported, citing the real estate firm’s chairperson Yassin Mansour as saying.

The project will be implemented at a total cost of EGP 400 billion, Mansour added.

In September 2017, the housing ministry signed a contract with Palm Hills to develop a city called ‘October Oasis’ on an area spanning 3,000 acres (feddans) at a cost of EGP 150 billion.

Housing minister Mostafa Madbouli had said previously that the government would get 26% of the project’s revenues, which will be received in cash at a total sum of EGP 25 billion, in addition to around 420,000 square metres in buildings.

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Source: Mubasher

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