Palm Hills Developments, one of Egypt’s leading real estate companies led by Egyptian billionaire Yasseen Mansour, has announced a substantial EGP20 billion ($647 million) investment in the second phase of its Badya residential project, located in 6th of October City.
This strategic move comes hot on Palm Hills’ recent revelation of an ambitious development project with an estimated sales value of EGP85 billion ($2.75 billion). The company also acquired a sprawling 374-feddan plot of prime land from the New Urban Communities Authority (NUCA), adjacent to the firm’s flagship district, Palm Hills.
Mansour, chairman of Palm Hills Developments, expressed his enthusiasm for the project, emphasizing the successful completion of construction in the 340-acre first phase.
This initial phase comprised 3,372 villas and apartments, with a combined investment of EGP 12 billion ($388 million). The final phase was inspected by Egypt’s Prime Minister, Mustafa Madbouly. Mansour also revealed that several units, amounting to 1,600, have already been delivered to customers.
The company’s efforts have not gone unnoticed in the market, as Palm Hills registered an impressive EGP 35 billion ($1.1 billion) in sales during the nine months ending September 30, 2023.
The 3,000-acre development, a collaborative effort between Palm Hills and the New Urban Communities Authority (NUCA), is set to feature a staggering 50,000 residential units and is expected to cost EGP 100 billion ($3.2 billion). NUCA, as a joint venture partner, stands to benefit from cash revenue and in-kind payments in the form of Built-Up Area (BUA).
Asim al-Jazzar, the minister of housing, utilities, and urban communities, highlighted the significance of NUCA’s participation in this venture, noting that NUCA is involved in joint venture partnerships in 76 real estate projects, encompassing a total land area of 13,500 acres and a collective investment exceeding EGP 1.15 trillion ($37 billion).
Under Yasseen Mansour, Palm Hills has become one of Egypt’s leading real estate companies
Palm Hills Developments, the second-largest real estate company on the Egyptian Exchange, is renowned for its expertise in developing integrated residential, commercial, and resort communities, establishing itself as a premier real estate developer with an extensive portfolio of investments throughout Egypt.
A significant portion of the ownership of Palm Hills rests with the Al-Mansour and Maghraby Investment and Development Group, which holds a 41.9-percent stake. Additionally, Mansour, the chairman of the group, maintains a 7.29-percent ownership interest in Palm Hills Developments.
In the first half of 2023, Palm Hills Developments reported consolidated net profits after tax totaling EGP638.82 million ($20.67 million), representing a significant increase compared to the EGP561.79 million ($18.18 million) recorded during the same period in 2022.
