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In a strategic move aimed at cementing its presence in the North African real estate market, 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).
Under the visionary leadership of Yasseen Mansour, Palm Hills has secured 374 feddan of prime land from the New Urban Communities Authority (NUCA), situated adjacent to the company’s flagship district, Palm Hills October. This acquisition represents a critical step towards the company’s goal of launching the development project within the planned timeframe.
This significant land acquisition expands 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.
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.
Palm Hills Developments, which stands as the second-largest real estate firm listed on the Egyptian Exchange, 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.
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. Furthermore, Mansour, the group’s chairman, maintains a 7.29-percent ownership interest in Palm Hills Developments.
For the first half of 2023, Palm Hills Developments reported consolidated net profits after tax totaling 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.
Palm Hills Developments’ latest venture signifies a significant milestone in its continued expansion and commitment to shaping the future of real estate in North Africa. With the acquisition of prime land and a multi-billion-dollar development project on the horizon, the company is poised to solidify its position as a key player in the region’s real estate sector.
