Egypt-based Pyramisa Hotels and Resorts said 6th of October City Authority’s withdrawal of 50% of the land allocated to the company is still under judicial dispute, Invest-Gate reports.
Last September, the authority decided to withdraw the 25-acre land plots of the third and fourth phases of Pyramisa’s Palm View Residence in October Gardens, west Cairo, according to a bourse filing on February 26.
The land’s total area equals 50 acres and was allocated by the authority to Pyramisa for building low-priced residential units.
According to the filing, Pyramisa will later announce any further details on the judicial disputes.
Meanwhile, the developer’s profits declined 27.7% year-on-year to EGP 53.37 mn from January to December of 2018, compared to EGP 73.9 mn in the year-ago period.