PROJECTS: Egypt's Palm Hills Developments acquires commercial land plot in West Cairo

Plot to be developed into downtown area of Palm Hills October project

  
A view of luxurious houses at the gated-community city of Palm Hills, 20 km (13 miles) west of Cairo, Egypt June 26, 2008. Image used for illustrative purpose

A view of luxurious houses at the gated-community city of Palm Hills, 20 km (13 miles) west of Cairo, Egypt June 26, 2008. Image used for illustrative purpose

REUTERS/Asmaa Waguih

Egyptian developer Palm Hills Developments (PHD) announced on Monday that it has been awarded a 172,448 square metre (sqm) commercial land plot spreading in West Cairo through a tender with the New Urban Communities Authority (NUCA).

PHD said in a bourse statement that it has calculated the land value at net present value of 3,620 Egyptian pounds per sqm.

The statement said the company would pay for land over three years plus a down payment of 35 percent.

The plot, located between Phases 1-5 and Bamboo, would be into the new downtown of Palm Hills October, the statement said, adding that the project would have a Built-Up Area of up to 98,000 sqm, with the first tenants moving in after 4.5 years.

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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