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Palm Hills looks to direct 16-17% of sales to Egyptian expats this year - Daily News Egypt

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Palm Hills looks to direct 16-17% of sales to Egyptian expats this year

Company expects to achieve total sales of EGP 12bn by end-2018, says co-CEO


Palm Hills Developments aims to sell about 16% to 17% of its total sales to Egyptians abroad in the current year, according to its co-CEO, Tarek Abdel Rahman.

Abdel Rahman said that the company expects to achieve total sales of EGP 12bn by the end of the year.

In a roundtable held Wednesday, Abdel Rahman noted that the company completed and delivered 12 projects out of a planned 29 over the past years.

The 12 projects include 3,480 units and the company is currently developing another 11 projects.

Abdel Rahman pointed out that the company expects to deliver 1,500 units by the end of the year compared to 1,800 units in 2017.

He further added that Palm Hills plans to begin the implementation of a 3,000-feddan project in Sixth of October early next month.

“The first phase of the project is located on 800 feddans. The first section of the first phase is on about 300 feddans, including about 2,000 units. The company will begin marketing these units during the current year,” said Abdel Rahman. “The state’s share of the project is 26% of revenue for 12 years, in addition to 420,000 sqm, of which 50,000 sqm is for commercial units.”

He stressed that his company is currently focusing on the development of its land portfolio through obtaining any distinctive investment opportunities that may appear in the market, adding that the company has applied for 205 feddans in the second investment offering within partnership projects offered by the state.

He expected that real estate prices will hike by 10-15% in 2018, compared to an increase of 20-25% last year.

Palm Hills Development is an Egyptian company that operates in the real estate sector and is listed on the Egyptian Exchange and London Stock Exchange.

Currently, Palm Hills Developments has a portfolio of 26 projects spanning different development stages nationwide, and spread over 27m sqm in Egypt, as well as 5m sqm it owns in Saudi Arabia. The company’s product offerings include primary homes in both west Cairo and east Cairo, as well as second homes in Egypt’s northern coast.

Its land bank includes 757,000 sqm of land earmarked for commercial or retail developments, with ambitions to have such properties contribute around 25% of the company’s consolidated net Income by 2020.

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https://www.dailynewsegypt.com/2018/03/19/palm-hills-looks-direct-16-17-sales-egyptian-expats-year/
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