Cairo – Mubasher: Palm Hills Developments announced that its wholly-owned subsidiary Palm Hills for Investments and Real Estate Development signed a syndicated loan agreement worth EGP 2.5 billion with Banque Misr and the National Bank of Egypt (NBE).
The two banks contributed equally to the 7.5-year loan which will be used to finance part of the investment cost of Palm Hills New Cairo, the property developer said in a bourse disclosure on Monday.
The project spans over a total land area of 500 feddans in New Cairo adjacent to the New Administrative Capital. The residential area covers 400 feddans, while the commercial area extends over 100 feddans.
The company has already started to deliver units in the first phase since the beginning of 2021.
In the first half (H1) of 2021, Palm Hills Developments reported net profits of EGP 495.51 million, up from EGP 282.04 million in H1-20, including minority shareholders' rights.
