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Palm Hills pens co-development deal of Ain Sokhna project at EGP 3.5bn

Palm Hills pens co-development deal of Ain Sokhna project at EGP 3.5bn
The residential sales are expected to reach around EGP 5.1 billion
Palm Hills
PHDC
2.42% 3.38 0.08

Cairo – Mubasher: Palm Hills Developments signed a co-development agreement of a mixed-use community in Ain Sokhna on a revenue-sharing basis with Al Shorouk for Touristic Developments.

Situated on km 93 Suez-Zaafrana road, the development will be built over 116 feddans with 1.5 km beachfront and will be developed over five phases, the company said in a statement to the Egyptian Exchange (EGX) on Monday.

The project is planned to comprise 1,201 units with a built-up area of about 163,655 square metres.

Palm Hills will take over all construction, development, infrastructure, marketing, and sales activities.

The project’s master plan, finalised by the two companies, includes standalone units, town houses, senior and junior chalets, and serviced apartments, as well as hospitality and recreational activities and commercial facilities.

The residential sales are expected to reach around EGP 5.1 billion with the initial delivery planned to be in three years from the project’s launch.

The investment cost of the project is estimated at EGP 3.5 billion.

It is worth noting that in 2019, Palm Hills achieved net profits of EGP 906.22 million, slightly down from EGP 906.86 million a year earlier, including minority shareholders’ rights.