Palm Hills Developments Becomes First Major Developer To Enter The Alexandria Realestate Market
Palm Hills Developments ("PHD" or "the Company") announces the signature
of an agreement with the purpose of co-developing on a revenue sharing basis an integrated community in Alexandria governorate spreading over 135 feddan (approximately 567K sqm). The Company becomes the first major property developer to enter Egypt’s second largest city, Alexandria with the aim of developing an integrated community. The project is strategically located in proximity to Al Nozha International Airport. The project is the first foray for PHD outside the suburbs of Cairo and the North Coast.
Through this agreement, the Company will be responsible for all construction, development, infrastructure, marketing and sales activities. The Company is currently finalizing the project’s master plan which is expected to include standalone units and apartments. The project is expected to offer a number of commercial facilities including a community club and school. The project launch is planned before year end.
Yasseen Mansour, PHD's Chairman commented: “I am very pleased with this partnership, I believe Alexandria is an untapped market with a huge potential. Competition is basically non-existent in Egypt’s second largest city which has not seen a major real estate residential development for the last 20 years, with PHD being the first major developer to venture into Alexandria”.
