Egyptian real estate developer Palm Hills Developments (PHD) has unveiled its financial targets for 2018, Invest-Gate reports.

The developer is eyeing new sales worth of EGP 12 bn this year, as well as net profits of more than EGP 800 mn and receivables up to EGP 1.8 bn during the year, according to a bourse filing.

The sales will be supported by the launch of the 3,000-acre project in West Cairo alongside the developer’s first project in Alexandria and more phases within recently launched projects.

In 2018, PHD expects “a healthy demand for primary housing driven by ongoing house formation and growing migration trend from central Cairo to the eastern and western suburbs.”

The developer plans to deliver 1,500 units and spend EGP 2.0 bn on construction during FY2018.