Six of October Development & Investment Co. and Palm Hills Developments SAE, two Egyptian luxury real-estate companies, said they may make separate bids for a plot of land on the outskirts of Cairo in a government auction in July.
Hamdy Fakhrany, a private Egyptian citizen, said he is seeking the annulment of a land sale in New Cairo to Palm Hills Developments SAE because of irregularities in the way it was sold by the government.
Palm Hills Developments SAE , an Egyptian real-estate developer, denied that lenders providing it with a 1.2 billion Egyptian-pound ($204 million) loan are reconsidering the deal because of the referral of the company’s chairman to trial.
Palm Hills Developments SAE , Egypt’s second-biggest publicly traded property company, is in talks to expand its bulk-sale agreement with Abu Dhabi-based Burooj Properties, according to Citigroup Inc. analyst David Spiez .
Palm Hills Developments SAE tumbled the most in almost four months after the Egyptian developer of luxury property reported a 2011 loss that was more than estimated following last year’s popular uprising.