Palmier Real Estate Investment & Project Management will construct a resort in Matrouh governorate, measuring 10 acres with a total investment cost of EGP 140 mn, according to Mohamed Abdel Aziz, the company’s Chairman, Daily News Egypt reported.
The first phase of the project will be constructed within the next few months, following the acquisition of land permits and authorities’ approval, he added.
Palmier has recently faced challenges in obtaining lands in the new coastal communities due to bureaucratic procedures and high land prices, stated Abdel Aziz.
The company is also studying the pricing for the units, having decided to wait for the exchange rate to stabilize and the delivery of the IMF loan, which Abdel Aziz project will contribute to increasing dollar liquidity.
Residential unit prices have increased by 30% to 40% due to the high dollar price and recent economic decisions, Abdel Aziz said, further predicting that the prices will increase even more within the next three months by 100% due to the increase in price of steel, which makes up around 60% of the project’s construction costs.
Palmier is also working on current real estate projects in Giza and studying the potential of constructing projects in the North Coast, according to Amwal Al Ghad.