EGYPT – Palmier Real Estate to launch Marsa Matrouh tourist resort with investments worth EGP 140m


Palmier Real Estate Investment & Project Management – Egyptian real estate firm with more than 12 years of experience – is going to launch a tourist resort in Marsa Matrouh located on an area of 10 acres with investments estimated at EGP 140m.
The chairman, Mr. Mohamed Abdel Aziz, stated that the resort will include newest design villas and chalets. Palmier Real Estate is waiting for the final approvals from the competent authorities in order to start the project’s first phase.
Mr. Abdel Aziz noted that the prices of residential units are rapidly increasing – at rates ranging between 30% and 40%: the company is evaluating how it will price its units and will wait the stabilization of the exchange rate and the delivery of the International Monetary Fund (IMF) loan, which will contribute to the provision of USD liquidity.
The company is currently working on other interesting projects in the Faisal area in Giza and is studying an expansion plan in other areas, such as the North Coast.
Source: Daily News Egypt

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