Yesterday, Arab Co. for Asset Management & Development (ACAMD) said that the highest offer received on Sunday, 21 April 2019,

in its auction to sell a 19,000 sqm land plot was EGP2,700/sqm. This is slightly above our EGP2,500/sqm estimated price for Minyet Samanoud land plots (a total of 75,165 sqm).

The board of directors is yet to approve the offer within 10 days, according to management.

While we prefer to see ACAMD developing its land bank rather than selling it, the latest offer price is positive.

For more details, please read the full report below.