Palm Hills Development, Egypt's second largest real estate company by market value, said on Tuesday its land was worth 33.1 billion Egyptian pounds ($6 billion), 70 per cent more than a previous valuation.

The valuation by CB Richard Ellis would suggest a fair price for the company's stock of 44.60 pounds, about six-times the current share price, Palm Hills said.

Palm Hills said it had 48.3 million square metres of land, up 28 per cent from its amount of land in March.

It said the latest revaluation did not include 8.2 million sq m of land in Saudi Arabia and elsewhere, but it was not immediately clear if any of that land was included in the March valuation.-Reuters