Egypt’s Palm Hills ‘to deliver 1,800 housing units this year’
Developer also aims to boost the proportion of its business made up of recurring revenues
Egyptian property developer Palm Hills aims to deliver 1800 housing units by the end of 2016, reports Amwal Al Ghad.
That marks 260 more units than the 1,540 that were delivered last year, Tarek Abdel Rahman, executive director at Palm Hills Development, told the news service.
Palm Hills also said that it is keen to enter partnerships with public or private sector companies in an attempt to put an end to auctions that have been pushing prices up due to the scarcity of available land, it was reported.
The company also intends to boost the proportion of its business made up of recurring revenues to 20% of its total profit base. Such revenues are typically derived from property rents and other commercial operations.
Shares in Palm Hills, Egypt’s second-largest listed property developer, are traded on the Cairo and London stock exchanges.
