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 .
A Palm Hills Developments SAE unit said it wanted to cancel the allocation of a coastal piece of land allotted to it by the government, Alam al Youm reported, without saying how it receive the information.
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.