By: Ahmed Allam
Cairo – Mubasher: Palm Hills Development Co is planning to increase its sales to Egyptians abroad to around 16% - 17% of the company’s total sales in 2018, CEO Tareq Abdel Rahman said on the sidelines of a conference held at 6th of October city on Wednesday.
The Egyptian real estate company is also targeting a total sales of EGP 12 billion this year, Abdel Rahman highlighted.
The major property developer is currently working on selling around 2.5 million square metres in Saudi Arabia over the forthcoming period, he revealed.
Moreover, Palm hills had submitted a request to the Financial Regulatory Authority (FRA) for the securitisation of around EGP 250 million to EGP300 million, he added.
Additionally, the EGX-listed firm is working on finalising 11 residential projects within two years, the CEO noted.
He also unveiled that the company has 29 projects, of which 12 are done with total units of 3,480 to be delivered to clients.
The company has already delivered about 4,650 units, and is working on delivering 1,217 units in 2018 and 2019, he added.
Egypt’s pioneer developer is currently developing five projects with total units of 9,000, Abdel Rahman pointed out.
The new investments will be established with approximately EGP 2 billion in investments, on which the remaining sum will be directed to complete under construction and new projects, he indicated.
The company is set to launch the first phase of the 3000-acre project with total 2,000 units next April, he said, adding that Palm Hills will start developing about 300 acres of the 800-acre first phase.
Palm Hills’ capital amounts to EGP 1.6 billion distributed over 2.3 billion shares at a par value of EGP 2 per share.
Translated by: Mai Ezz El-Din