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Heliopolis Housing to sell land plots in New Heliopolis

Heliopolis Housing to sell land plots in New Heliopolis
The two land plots extend over an area of about 270 feddans
Heliopolis Housing
0.66% 4.61 0.03

Cairo – Mubasher: The board of directors of Heliopolis Company for Housing and Development approved a decision to offer two vacant land plots dedicated for residential purposes in New Heliopolis City for sale.

The two land plots, spanning over an area of about 270 feddans, will be offered in a public auction in parts or as a whole, Heliopolis Housing said in a bourse disclosure on Thursday.

In addition, the board also approved in principle a proposal to study offering a 1,695-feddan land in Heliopark for investment in collaboration with property developers.

Moreover, the company reshuffled its board of directors, comprising of Khaled Zakareya El-Adly Imam as the Chairman, Tamer Mohamed Mohamed Nasser as the CEO and Managing Director, and Ismail Mahmoud Ismail Sayed as Managing Director for Technical Affairs, as well as Mohamed Anwar Mustafa Al Ahwani, Hassan Mahmoud Hassan Hussein, Ayman El-Koussi, and Reda Ahmed Ibrahim as board members.  

During the first quarter (Q1) of fiscal year 2020/2021, Heliopolis Housing incurred net losses of EGP 41.23 million, against net profits of EGP 29.39 million in the year-ago period.