Heliopolis Housing in talks to take part in 600-feddan residential project
Updated 1/21/2024 8:31:00 AM
Arab Finance: Heliopolis Company for Housing and Development (HELI) is currently negotiating with a real estate developer to cooperate on a residential project in New Heliopolis City with expected revenues of EGP 150 billion, the company’s Managing Director Sameh Hammouda told Asharq Business.
The project is set to be established on a 600-feddan area, Hammouda said, adding that Heliopolis Housing’s share in the project’s revenues could be EGP 30 billion at least.
The partner’s name has not been disclosed; however, Hammouda asserted that it is one of the top three real estate developers in Egypt.
He noted that Heliopolis Housing would develop 100 feddans in New Heliopolis City within four months with predicted investments of EGP 1 billion.
In terms of Heliopark project, he stressed that the company would work on the utilization of its sale proceeds to settle due liabilities and buy new land plots.
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