Cairo, March 2nd 2010 – Palm Hills Developments S.A.E. (PHD), a leading Egyptian real-estate developer, announces the independent revaluation of its land bank by CB Richard Ellis (CBRE), a leading global real estate consultancy.

The revaluation reflects that the market value of PHD’s properties as at 31 October 2009 was EGP 38.1 billion (US$6.9 billion) prior to adjustments for tax, minority interests, net difference between actual construction cost spent and revenue collected. The valuation was undertaken in accordance with the standards of the Royal Institute of Chartered Surveyors Valuation Standards, Sixth Edition.

This revaluation shows an increase of 15% over the previous valuation by CBRE of EGP 33.1 billion (US$6.0 billion) as at 9 November 2008.


At the date of the revaluation, PHD’s land bank was 48.4 million m2, compared to a land bank of 48.3million m2 in November 2008. The revaluation currently excludes PHD’s land in Saudi Arabia and other plots totaling 6.9 million m2, which are included in the aforementioned 48.4 million m2).