Egypt-based Palm Hills Developments’ board has approved increasing the credit facility limit for The Crown compound located in West Cairo, to EGP 1.24 bn from EGP 852 mn, Invest-Gate reports.

The credit facility will be granted by the National Bank of Egypt (NBE) and some other participating banks, Palm Hills said in a bourse filing on December 11.

According to the filing, the maturity date of the loan has been extended to eight years rather than six, aiming to accelerate the project’s construction work.

Spanning across 190 acres, The Crown is a 658-villa community located in 6th of October city, featuring undulating views with every elevation that promises a scenic lavish landscape, with 8% of the residential project dedicated to a commercial component “to facilitate ease, convenience, and comfort for its residents,” Palm Hills says on its official website.

“The Crown community will also be home to a swank outdoor shopping and dining district that will invite you to treat and serve yourself with only the finest this world has on offer,” the company adds.

The property developer earlier reported a net profit of EGP 439.9 mn for the six-month period ended June, compared to EGP 349.3 mn in the corresponding period last year.