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SODIC, Palm Hills May Bid for Land in Sheikh Zayed

Six of October Development & Investment Co. and Palm Hills Developments SAE, two Egyptian luxury real-estate companies, said they may make separate bids for a plot of land on the outskirts of Cairo in a government auction in July.

The 410 feddan plot (1 feddan = 1.038 acres) is located in the Sheikh Zayed City.

“We are studying the bid for the land but we are still doing the business plan,” Youssef Hammad, the company’s chief commercial officer, said in a telephone interview today. “If it makes economic sense, we will bid for it.”

Bassem El-Shawy, director of investor relations at Palm Hills confirmed his company is considering making a bid at an auction to be held on July 27. The land plot sale is the biggest to be offered by the government since 2007, according to Al Mal, a Cairo-based newspaper that first reported the auction.

The land plot is located near Six of October’s flagship Allegria development and Palm Hills’ Palm Hills October development, both luxury residential projects.

SODIC made a net loss of 10.9 million Egyptian pounds ($1.2 million) in the first quarter. Deliveries of Allegria units will help the company swing into profit by the fourth quarter, Ahmed Badrawi, SODIC chief business development officer, said in an interview on May 31.

Palm Hills profit rose 75 percent to 107.1 million pounds in the first quarter compared with the year-ago period.

SODIC dropped 1.9 percent to 80.42 pounds, valuing the company at 2.9 billion pounds. Palm Hills lost 1.8 percent to 4.95 pounds, valuing the company at 5.2 billion pounds.

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