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

Construction is under way in Egypt [representational].
Pixabay
Construction is under way in Egypt [representational].

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.

Most popular

Awards

CW Oman Awards 2020: Meet the winners
A round of the thirteen winning names at the Construction Week Oman Awards 2020 that

Conferences

Leaders UAE 2020: Building a sustainable, 'resilient' infra
AESG’s Phillipa Grant, Burohappold’s Farah Naz, and Samana's Imran Farooq on a sustainable built environment
CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this

Latest Issue

Construction Week - Issue 767
Sep 01, 2020