Egypt’s property giant Palm Hills to deliver 1,800 housing units in 2016

Egypt’s second-largest listed property developer, Palm Hills, is set to deliver 1,800 housing units during 2016 in comparison to 1540 units a year earlier, Tarek Abdelrahman, Executive Director at Palm Hills Development Co, said Wednesday.

The total number of contracts has declined by 5 percent, which is considered to be normal percentage, he noted.

Palm hills is keen on delivering the units to its clients according to the previously agreed upon timeframe, Abdelrahman added.

Palm Hills has expressed a desire to enter into partnership either with public or private companies, seeking to put an end to auctions that have been pushing prices up in the wake of the scarcity of available lands.

Abdel Rahman said that the Egyptian real estate sector has potential driven by the huge annual demand. In addition, Palm Hills aims to boost its recurring revenues share of its total profit to 20%, through commercial and administrative units, which gives the company’s resources stability and sustainability.