PHD Acquires A Prime Commercial Plot In The Heart Of Palm Hills October
Palm Hills Developments ("PHD" or "the Company") announce that it was awarded a prime commercial land plot spreading 172,448 sqm (c.41 feddan) in West Cairo through a tender with the New Urban Communities Authority ("NUCA") at a net present value of EGP3,620/sqm. PHD will pay for land over three years plus a down payment of 35%. This vacant land is strategically located in the heart of the iconic Palm Hills October between Phases 1-5 and Bamboo and will be transformed into the new downtown of Palm Hills October. The Company expects to have a BUA of up to 98,000 sqm, with the first tenants moving in after 4.5 years.
Yasseen Mansour, PHD's Chairman & Group CEO commented: “This addition will produce medium to long term economic benefits for our shareholders and incremental liquidity from a potentially steady and growing recurring income stream in West Cairo, where the project is expected to address c.50,000 citizens in Palm Hills communities and others in West Cairo. This unrivaled opportunity will give us a chance to partner with international brands and cuisines to create the new downtown destination of Palm Hills October. This land will give us a sound commercial space to act as a catalyst for recurring income in West Cairo, similar to the 420,000 sqm (100 feddan) of Palm Hills New Cairo in the East”.
