Cairo – Mubasher: The board of directors of Heliopolis Company for Housing and Development approved a request submitted by Six of October Development and Investment (SODIC) to reschedule the payments related to the co-development contract for 655 feddans in New Heliopolis in east Cairo.

This decision is based on the current economic circumstances and challenges facing the real estate market amid the coronavirus (COVID-19) crisis, Heliopolis Housing said in a statement to the Egyptian Exchange (EGX) on Tuesday.

The payment reschedule will have no effect on the present value (pv) of the total inflows.

In addition, the implementation period has been extended by 11 months.