By: Abdullah Bedier
Cairo – Mubasher: Palm Hills Development Co is seeking the Egyptian government’s partnership to buy a land plot ranging between 100 and 200 acres in New Mansoura city, the company’s real estate portfolio director told reporters on Sunday.
The Egypt-based property developer aims to seal partnership deals to operate some projects in Badya project located in the 6th of October city, Tarek Elghamrawy added on the sidelines of Cityscape Egypt 2019.
The company does not intend to buy new lands in New Cairo and 6th of October city, Elghamrawy said.
He further noted that the company’s land portfolio amounts to 45 million square metres in Egypt, in addition to 5 million square metres in Saudi Arabia.
Earlier this day, Palm Hills announced that its subsidiary Arkan Palm had signed a contract with the New Urban Communities Authority (NUCA) to develop a mixed-use innovative urban project in Sheikh Zayed City.
In February, Palm Hills reported a consolidated profit of EGP 906.8 million for the full-year ended 31 December 2018, versus EGP 936.47 million in 2017, including minority shareholders’ rights.
The Egyptian real estate firm logged EGP 7.42 billion in revenue during the 12-month period ended last December, up from EGP 6.6 billion in 2017.
Translated by: Mai Ezz El-Din
