With investments of EGP25 bn, Palm Hills Developments inaugurates “Palm Hills New Cairo” project, in cooperation with the New Urban Communities Authority (NUCA), Invest-Gate reports.
Palm Hills New Cairo covers 500 acres, equivalent to 2.1 million sqm. Besides, the project has recorded EGP 10 bn since its launch. Additionally, the project is located on the Middle Ring Road, near the main streets such as 90th Street, 15 minutes away from the American University Cairo, and 10 minutes from the New Administrative Capital (NAC).
Furthermore, the project encompasses 4,500 residential units spanning over 400 acres, varying between apartments of various sizes, townhouses, twin houses and standalone villas; meanwhile, 100 acres have been allocated for various commercial and recreational services.
According to the company press release, the project is being built on seven construction phases. Moreover, the company has completed the first phase of the project on an area of 95 acres, with 768 residential apartments and 277 independent villas, to be fully delivered by the end of this year.
The project features various recreational areas, including a Club House, luxury restaurants and cafes, kids area, playgrounds for children, a social gathering, green spaces and artificial fountains.
Palm Hills Developments Chairman Yassen Mansour comments, “The company intends to put its 24 years of experience in its Palm Hills New Cairo project to become a boom in real estate development in terms of international designs and various services at the highest level.”
For his part, the company’s Executive Board Member Hazem Badran remarks that the company has delivered about 154 units to the clients, bringing the total number of units that will be delivered by the end of this year to 300 units, and 1,000 units during H1 2022. Besides, the project sales are scheduled to be completed in 2026.
It is noteworthy that SWA has designed the residential units in the project with a height of up to 330 m above sea level, which makes the units overlook the landscape.