Egypt developer Palm Hills to construct 1,800 housing units this year

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Egyptian developer Palm Hills is now expected to deliver over 1800 housing units by the end of the year 2016.

According to the company officlas the company has been keeping its timeline in construction one of the most anticipated project in Egypt and they will deliver it on time.

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.

The company has been key in helping Egypt tackle the current housing shortage that is facing the country and in the past they have been able to deliver more housing units on time.
Palm Hills is one of Egypt’s second-largest listed property developer and in early this year they set aside US$225.3 for new projects and for expansion.

The money was designated to complete the company’s 12 ongoing projects; of which five locate in east Cairo, five others in west Cairo, and two in North Coast, Tarek Abdel Rahman, the company’s co-CEO, added.

Currently the company has a real estate portfolio of about 26 million square metres, with 6 million of that exist in Saudi Arabia.