Palm Hills Developments, Egypt’s premier real estate developer, reported today its Gross Sales (reservations) figures for the year ending December 31, 2014 showing an impressive 166% year-on-year increase to EGP 3,936 million compared to an FY13 figure of EGP 1,479 million. Meanwhile, total Net Sales for FY14 surged more than 200% year-on-year to EGP 3,574 million.

The real estate developer posted net profits of EGP353.3 million ($46.3 million) for 2014 , with growth by 47.9% from EGP238.9 million ($31.3 million) for the previous year.

The company said its strong growth was mainly driven by a hike in unit sales in West Cairo projects — namely Golf Views and Palm Parks — recording a year-on-year increase of 584% and 181% respectively. Furthermore, North Coast projects — namely Hacienda Bay and Hacienda White II — also saw impressive growth with the latter recording a 415% increase in unit sales to EGP 471 million.

Management attributes sales growth to the sales strategy, successful marketing campaign launched in 2Q14 with the “building on” push, along with the later phase of the campaign focusing on raising consumer awareness project-by-project.

The company stated that it has signed total new contracts in 2014 worth EGP 2,978 million, up 167% from FY13, while Cancellations were up only 3.5% over the same period. Accordingly, Net Contracts rose 257% to EGP2,567 million year-on-year in FY14.