According to the resources of Al Shorouk news, Palm Hills Developments is planning to obtain a financing package worth 11 billion pounds in order to finance its two projects, Badya and another project, on the 6th of October. 9 billion will contribute to the development of Badya project and its new phases and features, and the other 2 will contribute to constructing a new mixed-use project on the 6th of October.
According to the resources, one of the major governmental banks in Egypt is managing to perform a banking alliance with Palm Hills Developments and contribute to providing the loan that the development company is seeking to accelerate the construction work of the Badya project.
Yassin Mansour, the CEO of Palm Hills Developments, mentioned previously in October that the company has now invested 12 billion pounds in Badya’s first phase that spreads over 340 acres, and the company is planning to pump 20 billion pounds more for the development of Badya’s second phase that covers 270 acres.
Badya by Palm Hills Developments is set to cover more than 3 thousand acres on the western side of Cairo, with more than 50 thousand residential units. The project captured the hearts of many as the sales of Badya marked 15 billion pounds in the first 9 months of the current year. It is expected to reach 17 billion pounds by the end of 2023, and according to Yassin Mansour, the sales of the company are expected to reach 45 billion pounds.
While the other loan of 2 billion pounds, one of the Gulf banks that is operating in Egypt is managing to obtain the banking alliance of it.
Palm Hills Developments is one of the most significant development companies in Egypt. The company has been standing tall for years, with a vision to develop the most luxurious projects that offer the perfect mixture of a sophisticated and simple lifestyle. Palm Hills owns several projects in the North Coast area and West and East Cairo as Palm Hills New Cairo, Hacienda, Hacienda White, and Badya.
