Cairo – Mubasher: Beltone Research said it raised its fair value for Palm Hills Development to EGP 4.06 per share following the increase in the company’s land bank portfolio.
Palm Hills inked an agreement with the Ministry of Housing to acquire 190 acres plot in the 6th of October worth EGP 1.87 billion (EGP 2,440/sqm), according to a bourse statement on Wednesday.
The ministry will receive 15% of this amount during the current month, while the remaining balance is payable over seven equal annual installments with a three-year grace period.
Palm Hills is currently finalizing the project’s master plan that expected to include standalone units and commercial services, with new sales and reservations planned for this year.
Earlier, Pharos Research said that it might review its fair value for Palm Hills y in case of the company signed a contract to develop 6,000 acres in cooperation with the New Urban Communities Authority (NUCA).
