| 03 Mar 2010 |
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Palm Hills Developments Announces Independent Land Revaluation
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Value of Land Bank grows by 15% to EGP 38.1 billion (USD 6.9 billion)[1]
Cairo, March 3rd 2010 - Palm Hills Developments S.A.E. (PHD)Palm Hills Developments S.A.E. (PHD)
, a leading Egyptian real-estate developer, announces the independent revaluation of its land bank by CB Richard Ellis (CBRE), a leading global real estate consultancy. The revaluation reflects that the market value of PHDPHD's properties as at 31 October 2009 was EGP 38.1 billion (US$6.9 billion) prior to adjustments for tax, minority interests, net difference between actual construction cost spent and revenue collected. The valuation was undertaken in accordance with the standards of the Royal Institute of Chartered Surveyors Valuation Standards, Sixth Edition.
This revaluation shows an increase of 15% over the previous valuation by CBRE of EGP 33.1 billion (US$6.0 billion) as at 9 November 2008.
At the date of the revaluation, PHDPHD
's land bank was 48.4 million m2, compared to a land bank of 48.3million m2 in November 2008. The revaluation currently excludes PHDPHD's land in Saudi Arabia and other plots totaling 6.9 million m2, which are included in the aforementioned 48.4 million m2). -Ends-
About Palm Hills DevelopmentsPalm Hills Developments
: Palm Hills DevelopmentsPalm Hills Developments
(PHDPHD) is a leading real estate company in the Egyptian market, primarily developing integrated residential, commercial real estate and resort projects. Founded in 2005 by Mansour and Maghraby Investment and Development (MMID), the company, which is listed on the Cairo-Alexandria Stock Exchange and the London Stock Exchange, was the result of a vision to create self-sufficient communities through the utilization of integrated tools. Presently PHDPHD possesses one of the largest land banks in the country and is rapidly growing into a regional player, thanks to a geographically diversified land bank suitable for the development of a broad range of real estate products all fashioned to reflect the country's culture as well as the clients' lifestyle and prerequisites.
Currently, PHDPHD maintains an impressive roster of 32 projects strategically located nationwide and in the region, at the following locations:
For further information please contact
Egypt
Sara El Gawahergy
Investor Relations Manager
Palm Hills Developments
Email : sara.elgawahergy@palmhillsegypt.com
Tel: +(202) 3535 1229
United Kingdom
Nick Oborne/James White
Weber Shandwick Financial
Email: Noborne@Webershandwick.com/jwhite@webershandwick.com
Tel: +44 (0)207 067 0700
6th of October City, West Cairo, New Cairo; East Cairo,
The North Coast, Gamsha; Red Sea, Ain okhna; Red Sea Alexandria, Aswan, Riyadh; Saudi Arabia and Jeddah; Saudi Arabia.
[1] Based on EGP/US$5.49
© Press Release 2010
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