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Heliopolis Housing to auction 20 THD sqm land plots

Heliopolis Housing to auction 20 THD sqm land plots
Heliopolis Housing
HELI
-1.63% 9.64 -0.16
Heliopolis Company for Housing and Development (Heliopolis Housing) said it will auction over the coming days 20 land plots at an overall space of 20,000 sqm, with the aim of generating liquidity needed to finance current housing projects.
Shaaban Ibrahim, investor relations manager, said the selling value of the offered land plots is estimated at nearly EGP 30 million minimum.
The official told Al Mal that the company sold on Thursday two land plots at EGP 52.6 million. He added that EPG45.23 million, or 86% of the purchase value will be received by the company.
The company had posted EGP 183.8 million net profit for FY13/14, with 35.5% increase compared with EGP 135.5 million a year earlier.