By: Islam Fadl

Cairo – Mubasher: Heliopolis Company for Housing and Development plans to sell 2% to 3% of its land portfolio in three different areas.

Total value of land portfolio in the three areas reached EGP 80 billion ($4.7 billion), the real estate firm’s board member, Sahar Al-Damaty, told Mubasher.

Sales processes will be conducted through auctions in El-Shorouk City, Heliopark City, and Sheraton, she added.

The value of lands to be sold is estimated to be between EGP 1.6 billion and EGP 2.4 billion, according to statistics conducted by Mubasher.

During the last two months, the company succeeded in selling lands worth EGP 259 million through auctions.

After selling the lands, the company aims to finance its investment plan and cut its debt, along with considering a capital raise, she revealed.

The company’s land in New Heliopolis City is spanning over 5.3 million feddans, of which 2.04 feddans will be invested and the remaining area is still unused.

In addition, the land in Heliopark City is spanning over an area of 1,695 feddans, of which 1,980 metres will be offered.

During the first nine months of fiscal year 2018/2019, the Egyptian firm’s net profits retreated to EGP 39.5 million, compared to EGP 120.4 million in the year-ago period.

Revenues slid to EGP 468.5 million in the first nine months ended 31 March from EGP 542.8 million in the corresponding period a year earlier.

Translated by: Zeinab Adel