Palm Hills Developments SAE plans to invest more than 1 billion Egyptian pounds ($140 million) in projects this year as the luxury real estate developer says it’s close to settling land disputes and an agreement on a loan.
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.