Cairo – Mubasher: Palm Hills Developments Company acquired 374 feddan from the New Urban Communities Authority (NUCA) adjacent to the company’s flagship district Palm Hills October, according to a bourse disclosure.
The development project will include residential apartments and villas, and commercial amenities, with an initial estimated sales proceeds of around EGP 85 billion.
The land acquisition will add around 1.60 million square metres of high-quality land bank and a balanced portfolio of projects that offer five to seven years of future new sales.
In the first half (H1) of 2023, the EGX-listed firm posted consolidated net profits after tax worth EGP 638.82 million, an annual growth from EGP 561.79 million in H1-22, including minority interest.
Meanwhile, the standalone net profit after tax amounted to EGP 371.83 million during the January-June 2023 period, compared to EGP 551.14 million a year earlier.
