Palm Hills Developments Successfully Launch New Sales And Reservations In Palm Valley Mall And Palm Central, Two Of Its Commercial Projects In West Cairo, With New Sales Recording EGP470 Million Since Launch In April 2017
Palm Hills Developments ("PHD" or "the Company") announces the launch of New Sales and Reservations in two of its commercial projects in West Cairo, Palm Valley Mall and Palm Central (formerly known as Office 8 Commercial Building), with New Sales recoding EGP470 million since launch in April 2017.
Palm Valley Mall is a mixed use development adjacent to Palm Valley residential compound, which is currently under development in West Cairo. Palm Valley Mall’s New Sales recorded EGP360 million at an selling prices ranging between EGP55,000/sqm and EGP120,000/sqm. Palm Valley Mall is expected to be completed during 2019.
Palm Central is a mixed-use multitenant building adjacent to phase 8 of Palm Hills October, West Cairo. 67% of available space was sold out with New Sales recording EGP110 million at an average selling price of EGP38,000/sqm. Office 8 will be completed during 2018.
The launch of both Palm Valley and Palm Central come at the back of the launch of VGK Mall in 2016, in which sales recorded EGP266 million. Delivery of units will start in June 2017, which will result in more than EGP120 million in profits.
These launches unlock significant value from our commercial land portfolio as Palm Hills Properties; the arm for commercial business continues to grow in the retail, commercial, educational, recreational club properties along hospitality. Palm Hills Properties’ strategy continues to be focused on producing recurring revenue from strategic commercial land plots and sale of units in non-strategic land plots.
