By: Abdullah Bedeir

Cairo – Mubasher: Palm Hills Development Co is in negotiations with foreign banks to obtain loans valued between EGP 1.5-2 billion to finance the first phase of Badya project in Sheikh Zayed, the real estate developer’s chairman Yasseen Mansour said.

Spanning over 3,000 feddans, the project will have investments of EGP 320 billion to be financed from the company’s capital and sales, as well as loans, Mansour added during a press conference on Tuesday.

Palm Hills will own 74% of the project, while the remaining 26% will be owned by the Egyptian Ministry of Housing.

Badya project features about 375,000 metres of residential area and nearly 50,000 metres of commercial and administrative area, he noted.

Previously, Mansour revealed that Palm Hills Development Co aims to achieve total sales between EGP 470-480 million and that the expected sales of the first phase of the project amounted to EGP 3.25 billion.

It is noteworthy that during the first half of 2019, the real estate developer posted a profit of EGP 451.47 million, compared to EGP 439.9 million in the year-ago period, including minority shareholders’ rights.