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Fakhrany to Seek Annulment of Palm Hills Land Sale

Sept. 15 (Bloomberg) -- Hamdy Fakhrany, a private Egyptian citizen, said he is seeking the annulment of a land sale in New Cairo to Palm Hills Developments SAE because of irregularities in the way it was sold by the government.

Fakhrany said he has already filed a lawsuit to cancel the sale to Palm Hills of 1 million square meters (10.8 million square feet) of land and is waiting for a date to be set for the start of legal procedures. Fakhrany, who also filed a similar suit against the sale of land to Talaat Moustafa Group, spoke by telephone from Cairo.

“I presented on July 14 a lawsuit against the Prime Minister and the Minister of Housing and the New Urban Communities Authority to annul the contract signed by Palm Hills,” he said. “Is it credible to sell a meter for 250 pounds when the actual market price is significantly higher?”

He said Palm Hills, the second-biggest publicly traded real-estate company, had purchased the land under a five-year instalment plan which ends in 2013.

Cairo-based Al Mal business newspaper earlier reported today that Fakhrany was seeking to annul the New Cairo land sale to Palm Hills.

Bassem El-Shawy, head of investor relations at Palm Hills, wasn’t immediately available for comment by mobile phone. Magdy Rady, spokesman for the Egyptian Cabinet, wasn’t immediately available by mobile phone.

An Egyptian court upheld a ruling canceling the sale of a 33 million-square-meter plot of government land on the city’s outskirts to Talaat Moustafa.

A court on June 22 canceled the sale of the land due to irregularities in the way it was sold. The state-run New Urban Communities Authority, which sold the land, appealed the ruling.

To contact the reporter on this story: Abdel Latif Wahba in Cairo at alatifwahba@bloomberg.net

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

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