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Heliopolis Housing sells land in New Heliopolis for EGP 2.5bn

Heliopolis Housing sells land in New Heliopolis for EGP 2.5bn
The land is dedicated for residential use
Heliopolis Housing
HELI
0.66% 4.61 0.03

Cairo – Mubasher: Heliopolis Company for Housing and Development announced the sale of two land plots dedicated for residential use over an area of 270 feddans in the 20th district in New Heliopolis City in a public auction for EGP 2.5 billion.

There are two payment options according to the booklet of conditions: either a 20% down payment and no-interest instalments over two years or a 10% down payment and 7%-interest instalments over 10 years, the company said in a bourse disclosure on Thursday.

During the first half (H1) of fiscal year 2020/2021, Heliopolis Housing incurred net losses of EGP 84.57 million, against net profits of EGP 351.3 million in the prior-year period.