PHD expects revenues to rise in 2017, sees sector stabilizing within three quarters

Palm Hills Developments (PHD) expects a “jump in sales” in 2017, Chairman Yasseen Mansour told Bloomberg. PHD is targeting EGP 8.5 bn in contracted sales during the year and aims to deliver 2,000 homes. “Many of the small developers that entered the industry since the uprising six years ago will be forced out, and that the challenging economy gives bigger companies a ‘good chance’ to regain market share. Egyptian real estate will take two to three quarters to stabilize and ‘those who didn’t plan carefully for this will be burnt,’” Mansour says. PHD also has plans to acquire a land plot in Alexandria and expects to surpass 2016’s financial performance “on every single metric.”