Egypt housing body cancels palm hills deal

Egypt's New Urban Communities Authority (NUCA) is cancelling a land contract with beleaguered property developer Palm Hills , financial daily Al Mal reported on Thursday.

'NUCA decided ... to cancel a contract for an allocated plot of land of 190 feddans ... in Sixth of October City to Palm Hills,' Al Mal said, citing no sources.

It did not say whether the cancellation concerned land whose ownership is being contested under legal challenges that have hit several companies in Egypt's real estate sector. No one from NUCA could immediately be reached for comment.

In March, a judicial panel concluded that a sale of land in another Cairo suburb to Palm Hills was illegal because it was priced too cheaply and said it should be scrapped.

 Source: TradeArabia