Egypt's Palm Hills in JV for realty project 

(MENAFN) An official at Egypt's Palm Hills Development said that the company has formed a joint venture with contractor Hassan Allam Sons to develop 238,560 square meters of land, Reuters reported.

The venture's first project will be Park View, a 97,661 square meters residential development in New Cairo, the official said, adding that demand for housing in Egypt has remained relatively buoyant compared with other parts of the world since the global economic crisis began last year.

Construction work on Park View is expected to start in January 2010 and finish in March 2013, she said.

Palm Hills said it will hold a 51 percent stake in the new company, called City for Real Estate Development, with Hassan Allam Sons owning the remainder.