Palm Hills Developments, a leading real estate company based in Cairo and led by Egyptian billionaire Yasseen Mansour, has revealed an ambitious development project with an estimated sales value of EGP85 billion ($2.75 billion).
This comes as part of a strategic move aimed at cementing its presence in the North African real estate market.
The forthcoming development will encompass a mix of residential apartments, villas, and commercial amenities, with an initial estimated sales revenue of about $2.75 billion.
Yasseen Mansour’s Palm Hills secure prime land from NUCA
Under the visionary leadership of Yasseen Mansour, Palm Hills secured 374 feddan of prime land from the New Urban Communities Authority (NUCA). The land is located next to the company’s flagship district, Palm Hills October.
This strategic land acquisition represents a critical step towards the company’s goal of launching the development project within the planned timeframe.
It also increases Palm Hills’ high-quality land bank by approximately 1.6 million square meters, thereby enhancing its portfolio of projects that promise five to seven years of robust sales potential.
Palm Hills Developments: What you need to know
Palm Hills Developments stands as the second-largest real estate firm listed on the Egyptian Exchange. It operates as a subsidiary of Egypt’s largest conglomerate, the Mansour Group.
The company specializes in the development of integrated residential, commercial, and resort communities, earning a stellar reputation as a top-tier real estate developer with active investments spanning across Egypt.
For the first half of 2023, Palm Hills Developments reported consolidated net profits after tax totalling EGP638.82 million ($20.67 million), marking a noteworthy increase compared to the EGP561.79 million ($18.18 million) recorded during the same period in 2022.
Al-Mansour and Palm Hills Developments
The majority ownership of Palm Hills Developments is held by the Al-Mansour and Maghraby Investment and Development Group, which owns a 41.9-percent stake in the company.
Also, Mansour, the group’s chairman, maintains a 7.29 per cent ownership interest in Palm Hills Developments.
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