Arab Finance: Heliopolis Company for Housing and Development is planning to sell its Heliopark land in cash to a local investor, with a 40% discount, Asharq Business reported on August 7th, citing unnamed sources familiar with the matter.
The project area spans over an area of 1,695 feddans, and is located between the El-Rehab and Madinaty projects of the Talaat Moustafa Holding Group.
The value of the project’s land plot ranges between EGP 25 and EGP 30 billion, one of the sources noted.
The company may disclose further details regarding the sale of Heliopark within days, the source said.
Heliopolis Housing is a leading Egypt-based real estate development company that operates in land reclamation and subdivision, residential real estate development and management, property purchase and sale, and project planning and supervising.