Palm Hills announces $215mn mixed-used development in Egypt
487,200sqm project will be developed in five phases
Palm Hills Development has inked a co-development and revenue sharing agreement with Al Shorouk for Touristic Developments. The deal will see a new $215 million mixed-use community take shape in the Ain Sokhna region of Egypt.
As per the deal, Palm Hills will be responsible for all work related to construction, development, infrastructure, marketing and sales activities. The two companies are said to have finalised the masterplan, which will offer standalone units, town houses, senior and junior chalets, as well as serviced apartments, in addition to hospitality and recreational components plus commercial facilities.
The project will occupy an area of 487,200sqm and is located on the Red Sea – around 75 minutes away from Cairo. It will be developed in five phases and is expected to feature 1,201 residential units with a total built-up area of up 163,655sqm and a 1.5km-long beachfront.
Palm Hills chairman and group CEO Yasseen Mansour said the company is expecting to generate residential sales of $314 million from the project. The first units are being planned for handover within three years from the project’s launch, he stated.
He added, “I am very pleased with this milestone and our expansion into Ain Sokhna, which will further solidify our secondary homes proposition with this year-round destination. We hope to create a successful destination building on our success with the Hacienda brand on the Mediterranean North Coast.”
Al Shorouk for Touristic Developments CEO Mohamed Roushdy Saleh said this agreement is a key boost to touristic developments in Ain Sokhna offering hospitality, secondary homes, and leisure facilities, capitalising on the two companies’ track record.
