Construction said to begin on Egypt's $20bn Badya megaproject
JV development by Palm Hills and Egypt’s Ministry of Housing will be completed in 14 years, Thomson Reuters reports
Egyptian real estate developer Palm Hills Development has reportedly started construction work on its $20bn mixed-use Badya project, which will feature a mix of residential, hospitality, and retail facilities.
According to Thomson Reuters, the 10-phase megaproject is a collaboration between Palm Hills Development and Egypt’s Ministry of Housing, which will cover 126ha and will be completed in approximately 14 years.
The development will be headed up by Germany-based Julius Berger International as project manager and has been designed by Albert Speer and Partners, as well as Drees & Sommer.
The mixed-use project will reportedly create 48,000 jobs and accommodate 150,000 residents across 40,000 housing units.
Palm Hills Developments' chairman, Yasseen Mansour, said that the project would be funded by a mix of debt and equity, and that the company was negotiating with banks for a loan worth $122.6m.
The Egyptian Ministry of Housing will receive 26% of the sales revenue from the development, with the remainder going to Palm Hills Development.