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Arkan Palm for Real Estate Investment Company, a subsidiary of Palm Hills Developments, and Gensler, a global design and architecture firm, signed on May 22 a contract to develop designs and s detailed masterplan of the former’s 205-acre project in Sheikh Zayed, west Cairo, Invest-Gate reports.
CEO of Arkan Palm Mamdouh Badr El Din said in a press statement Gensler will finish the designs and masterplan of the project within 20 weeks. Afterward, it will apply for obtaining the project’s ministerial approval and necessary licenses to begin construction immediately.
In late March, Arkan Palm signed an agreement with the New Urban Communities Authority (NUCA) for the construction of an integrated commercial, administrative, medical, and recreational complex.
Overlooking 26th of July Axis, the new project is being developed with investments worth EGP 59 bn.
Arkan Palm
Together, these developers have embarked on a joint venture which leverages on each’s competitive advantage and accordingly, an unrivalled partnership: Arkan Palm. A unique collaboration of Arkan and Palm Hills combining the profound commercial expertise of Arkan and Palm Hills Development’s leadership in establishing luxury residential communities. Arkan Palm is guaranteed to highlight each developer’s wealth of expertise and understanding of the Egyptian market. Set to become a visionary developer; Arkan Palm will pave a never – before seen trajectory for real estate in West Cairo and ultimately, Egypt.
Arkan
Founded by El Badr Commercial Development in 2012, Arkan Plaza is a prime, mixed-use commercial scheme that is home to offices and clinics, retail outlets, and restaurants. Arkan has evolved into West Cairo’s primary commercial and social destination, situated in the heart of Sheikh Zayed.
Palm Hills Developments is a leading real estate company in the Egyptian market. Following a vision to create self-sufficient and well-integrated communities in Egypt, Palm Hills Developments has become an ever-growing leader in integrated residential, commercial real estate and resort projects. Today, they possess one of the largest land banks in the country spreading over 26.4 million square meters, and an impressive roster of 29 projects in West Cairo, East Cairo, the North Coast and the Red Sea. Founded in 1997 by Mansour and Maghraby Investment and Development Company [MMID], the company is listed on the Egyptian Stock Exchange and London Stock Exchange, traded under the symbols “PHDC.CA” and “PHDC.LI” respectively.
Badreldin Developments is a subsidiary of El Badr Group, one of Egypt’s leading Egyptian real estate developers specialized in commercial real estate projects. Badreldin Developments is the group’s development and project management arm. Leveraging on the extensive knowledge and experience of its founders, the Badreldine family, it is the key driver in construction, project management, value engineering and design management. It prides itself on being the technical backbone of development and management of the ElBadr Group. Its portfolio comprises numerous landmark real estate projects both in the commercial as well as residential sectors in West Cairo. With an exceptional track record of developing and delivering marquee projects, Badreldin Developments is now embarking on a new venture to create a project of paramount proportions that is the cornerstone of their legacy.