Egypt’s Palm Hills aims to invest $243mln into construction works during 2022

Egypt’s Palm Hills aims to invest $243mln into construction works during 2022

PHOTO

Palm Hills Development and Reconstruction aims to inject investments worth EGP 4.5bn into construction during 2022.

Yassin Mansour— Chairperson and Group CEO of Palm Hills Developments — revealed on the side-lines of a press conference last Thursday that the company aims to launch about four new phases of its projects this year in east and west Cairo while aiming to bring the value of contractual sales to about EGP 20bn.

Mansour added that the company plans to issue a securitisation bond programme worth EGP 2bn in cooperation with Sarwa Capital.

Furthermore, he told Daily News Egypt that the issuance will come in two tranches, the first in May, with a value of EGP 400-500m, and the second will be issued before the end of the year with a value of more than EGP 1.5bn.

He explained that securitisation provides financing for real estate companies without burdening budgets, and that the company has previously carried out securitisation operations amounting to about EGP 7bn.

Mansour also expects that the real estate market will witness an increase in the prices of units by up to 11% in 2022 due to inflationary pressures.

He noted that the expected average price increase in Palm Hills projects for this year will range