Egypt’s Palm Hills Developments (PHD) has achieved steady growth in sales during 2014, thanks to a new sales and marketing strategy, said Co-CEO Tarek Abdel Rahman.

The property developer said on Sunday that total bookings sales rose by 166% in 2014 to EGP 3.93 billion compared with EGP 1.5 billion in 2013.

According to the company’s statement, net sales amounted to nearly EGP 3.5 billion in 2014, with 200% increase year-over-year from EGP 1.16 billion.

The official added that PHD has plans to complete all construction works in its projects in east and west Cairo in addition to the Northern Coast.

Investor relations manager Ahmed Nouruddin Hassan told Mubasher earlier that his company is planning to inject EGP 2.2 billion during 2015,.

He added that his company will finance its projects through the syndicated loan signed with Arab African International Bank (AAIB) in addition to cash flows from outstanding projects.

In September, 2014, PHD had inked a medium-term loan agreement worth EGP 2.4 billion with a consortium of AAIB, NBE, Banque Misr and other banks. The syndicated loan will be repaid over 6.5 years.

PHD said it added new contracts worth EGP 2.9 billion in 2014, with a rise by 167% from EGP 1.1 billion a year earlier, while cancellations rose by 3.5% during the same period. Thus, net contracts amounted to EGP 2.5 billion, with a 257% growth year-over-year.