Egypt's Palm Hills Targets Q1 2027 Start for Abu Dhabi Project
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Egyptian developer Palm Hills Developments plans to break ground in the first quarter of 2027 on a 1.87 million square metre master-planned community in Abu Dhabi as it expands beyond Egypt.
Palm Hills Developments is targeting a first-quarter 2027 groundbreaking for its Abu Dhabi project, a 1.87 million square metre master-planned community located adjacent to Saadiyat Island, the company's UAE CEO Magued Sherif told Zawya Projects.
Sherif said master planning and design are at an advanced stage and approvals are being finalised, with the full development expected to be completed over approximately seven years in three phases, each with its own handover timeline. The first handover is expected to begin within four years.
The Abu Dhabi project will serve as a springboard for the Egyptian developer's regional expansion and the extension of its integrated development model into new markets, he said, building on 25 years of developing and operating master-planned communities in Egypt.
Palm Hills Developments has a combined land bank of 43 million square metres across Egypt and the UAE and a portfolio of 50 residential and commercial projects. It had delivered 22,000 units in Egypt by the end of 2025 and currently has 40,000 units under development, and aims to deliver another 3,000 units by the end of 2027.
Two of its flagship Egyptian developments, The Ritz-Carlton Residences in Cairo and Hacienda Ras El Hekma on the North Coast, are under construction and scheduled for completion in 2028 and 2029 respectively.
Sherif said he expects construction costs to begin moving towards more sustainable levels as the project approaches groundbreaking, although they could remain above historical averages. He said real estate has remained one of the most resilient sectors in Egypt amid rising land prices, higher construction costs and periods of economic uncertainty, driven by a significant housing shortage.