Cairo – Mubasher: Heliopolis Company for Housing and Development signed a participation contract to develop 865 acres under deficit and excess in New Heliopolis City.
The EGX-listed firm penned the deal with the Middle East Real Estate and Tourism Development and Investment Company on 21 January 2024, according to a bourse disclosure.
Heliopolis Company expected a return of EGP 39.70 billion from the development project with a guaranteed minimum of EGP 23 billion.
This is in exchange for a participation rate of 28% of revenues for semi-finished units, in addition to 3% of the finishing value.
Meanwhile, the project implementation period is 10 years from the date of issuing the first license. As for the development, marketing, and sales, the work will take 14 years.
In October 2023, the shareholders of Heliopolis Company approved the sale of Heliopark land at an amount of EGP 15 billion.
