Cairo – Mubasher: Palm Hills Developments inked an agreement with the Ministry of Housing to acquire 190 feddans 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 which is expected to include standalone units and commercial services, with new sales and reservations planned for this year.
Earlier, Pharos Research said that it may 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).
