Palm Hills Developments ("PHD" or "the company") signed an agreement with the Egyptian Ministry of Housing ("the Ministry") to acquire 190 feddan plot located on October 6, 2016, at EGP2,440/sqm, with 15% payable to the Ministry during the month of January 2017 and the balance payable over seven equal annual installments, after the elapse of a three years grace period. The land plot is strategically located adjacent to the company's existing developments in West Cairo including Palm Hills Golf Views and Golf Extension. The company is currently finalizing the project's master plan which is expected to include standalone units and commercial services, with new sales and reservations planned for the year 2017.