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Heliopolis Housing mulls purchase offers for 50-feddan land

Heliopolis Housing mulls purchase offers for 50-feddan land
Heliopolis Housing logged a net profit of EGP 29.39 million in Q1-19/20
Heliopolis Housing
HELI
-13.62% 21.18 -3.34

By: Abdullah Bedeir

Cairo – Mubasher: Heliopolis Company for Housing and Development is currently in negotiations with several companies that submitted offers to purchase a 34-feddan land and another 16-feddan land in New Heliopolis in El Shorouk City, an informed source told Mubasher.

Several companies, including a sister company of Heliopolis Housing, have submitted requests to purchase the 34-feddan land, while other companies requested to obtain the 16-feddan land, the source added.   

On 16 October, Heliopolis Housing offered the terms and conditions booklet for the 50-feddan land plots.

The company is in talks with the bidding companies and will choose the best offer after all offers are submitted, according to the source. 

It is noteworthy that during the first quarter of fiscal year 2019/2020, Heliopolis Housing logged a net profit of EGP 29.39 million, compared to EGP 8.7 million in the year-ago period.