Bloomberg News

Palm Hills Board Approves Returning 190 Feddan Cairo Land Plot

September 28, 2011

Sept. 28 (Bloomberg) -- Palm Hills Developments SAE, an Egyptian luxury real-estate developer, said its board of directors has approved returning to the government a 190 feddan (1 feddan = 1.038 acres) land plot on the outskirts of Cairo to “reduce future financial burdens on the company.”

The company hadn’t developed or marketed the property, located in the so-called eastern expansion area of Sixth of October City, it said in a filing to the Egyptian bourse today.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net


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