Palm Hills, the second largest real estate company that is listed on the Egyptian Stock Exchange, announced that it plans to invest $242 million by 2022, as announced by the company’s chairman to the media. Real estate prices in Egypt are expected to increase by 10 to 12 percent in 2022, and for 2021, the company projected an investment of EGP2.5 billion.
Yaseen Mansour, chairman of the Palm Hills development said that he expects around EGP170 billion worth of sales from the Badya project. It is an integrated urban project present in West of Cairo that is projected to be completed within a 14-year period.
Mansour also added, saying that the Palm Hills project is also expected to bring sales worth EGP1.2 billion by the end of 2021, given if it manages to secure financing on a new portfolio before the end of the first half of 2022.
Palm Hills has projects all over Egypt, in places like East and West Cairo, Alexandria, Ain El Sukhna and the North Coast.
In other news, Arabian Centres, which is known to build and operate Saudi Arabia’s biggest malls is now making its foray into the real estate business. The company recently obtained a qualification certification from the Off-Plan Sale or Rent Committee (Wafi) to become an Off-plan real estate developer.
The company will also be able to develop residential projects and mixed-use lands directly, without the help of any third party. This move is expected to bring financial stability and flexibility to the company, without the help of bank facilities for such projects.