By: Abdullah Bedeir

Cairo – Mubasher: Palm Hills Development Co has invested about EGP 800 million in Badya project in Sheikh Zayed to date, the company’s chairman Yasseen Mansour said.

Such amount has been used to finance the project’s design and master plan process as well as the initial works at the project’s site, Mansour added on the sidelines of a press conference on Tuesday.

With investment cost of EGP 320 billion, the project spans over 3,000 feddans and features about 38,000 residential units and 5,000 villas.

The real estate developer aims to inject investments worth EGP 2.7 billion into the first phase of the project and it is currently in talks with foreign banks to obtain loans valued between EGP 1.5-2 billion.

Palm Hills Development Co targets sales of EGP 3.25 billion from the first phase of Badya.

It is noteworthy that during the first half of 2019, the company’s profit grew to EGP 451.47 million, compared to EGP 439.9 million in the same period a year earlier, including minority shareholders’ rights.