Palm Hills inks agreement with JBI to manage Sixth of October project

Real estate developer Palm Hills has signed an agreement with Julius Burger International (JBI) to manage phase 1A of its Badya project in 6 October, the company said in an EGX disclosure (pdf). “JBI will handle all project management activities including the administration and monitoring of all contractors’ activities,” among other responsibilities, the company said. The real estate developer has already broken ground on the project and is in talks with foreign banks to acquire between EGP 1.5-2 bn in financing for the first phase, CEO Yassin Mansour said. The project will include homes, an international school, a park and a sports club. Handovers are expected to begin in 2022.