SWA, an international landscape architecture company, will finish development plans for a 500-acre project in New Cairo in June before the project’s introduction to the market in final quarter of 2016, said Yasseen Mansour, Palm Hills Chairperson, to Daily News Egypt.

Palm Hills had recently signed a contract with New Urban Communities Authority (NUCA) to develop 500 acres in New Cairo, according to Daily News Egypt.

The company intends to apply for new plots of land in West Cairo, ranging from 150 to200 acres, added Mansour

The Q1 financial results of Palm Hills reveal a 62 percent increase in revenue to EGP 2.2 billion, yet a decline in net profits for the same quarter.

In the first quarter, Palm Hills delivered 377 residential units and spent EGP 582 million on construction, added Mansour. In addition, the company received EGP 715 million from receivables and new sales.

Palm Hills expects that by 2020, 25 percent of its profits will be from passive income, whereas passive income is currently at 11 percent.

Numerous projects are to be launched in 2016, including phase two of the Palm Hills Katameya extension in East Cairo, a joint development project in Ras El Hekma on the North Coast, and ea 500-acre joint project with the NUCA.