Palm Hills Developments ("PHD" or "the Company") announce the successful launch and uptake for Palm Hills New Cairo, the co-development project with New Urban Communities Authority("NUCA") on revenue sharing basis. On November 15, 2016, PHD launched new sales of the first tranche comprising 157 standalone units despite having offers for 250 units. All offered standalone units were sold at a total value of EGP1.04 billion. Palm Hills New Cairo is a planned integrated residential community in East Cairo spreading over 2.1 million sqm, approximately 500 feddan including 100 feddan for commercial developments solely. The project is located in New Cairo, in proximity to the planned new administrative capital city announced by the Egyptian government. Construction works of the first phase will commence during 2017 with all unit deliveries scheduled for completion during 2021.Tarek Abdelrahman, PHD's Co-CEO commented: “I am very pleased with the successful launch of this mega co-development project in cooperation with the Egyptian government, a true indication of the soundness of public and private sector ventures, and strong evidence of the sustainable and growing demand for the Company’s product offerings, enhancing our value proposition by capitalizing on one of the newest inventory addition in East Cairo”.

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