Palm Hills Development (PHDC) intends to invest LE687 million in building malls east and west Cairo during the next five year.
Palm Hills Co-CEO Tarek Abdel Rahman said the company seeks to increase its capital to LE1.64 billion to fund expansions and focus more on commercial projects in New Cairo by building malls and administrative buildings on 186,000 sq. meter area, in addition to some project west Cairo.
Abdel Rahman told AlBorsa that the aim of the expansion in commercial projects is the increased yields by the project of 35%, while residential projects only yields 25%, and at yields the company an average of more than 30% returns from guaranteed projects for the company over the next five years, either through developing new projects or by diversifying and increasing portfolio of commercial land for the company, which is currently more than 300,000 meters.
Source: AlBorsa newspaper & Arab Finance
