By: Abdullah Bedeir
Cairo – Mubasher: Heliopolis Company for Housing and Development has released the booklet of conditions for the development of Heliopark project over an area of 1,695 feddans in New Cairo, the Chairman, Khaled Zakareya Emam, said.
So far, three major companies have obtained the booklet of conditions, namely Majid Al Futtaim, Mountain View, and Madinet Nasr Housing and Development (MNHD), Emam said in a press conference on Sunday.
The project is planned to be developed through a partnership based on a revenue-sharing scheme.
The chairman expects the deal to close by the third quarter (Q3) of 2021, noting that revenues generated from this partnership will be used to develop New Heliopolis.
In December 2020, the board approved in principle a proposal to study the development of a 1,695-feddan land in Heliopark in collaboration with property developers.
The CEO of the real estate developer, Tamer Nasser, said that the company has developed a plan to provide the required liquidity for its projects in the first year of its five-year strategy.
Heliopolis Housing obtained a loan from Qatar National Bank (QNB) at a nominal value of EGP 286 million, he revealed.
The company is also in talks with three banks to receive a loan worth EGP 671 million in April.
A detailed financial study has been developed for providing the required resources in the coming years. Further studies will be conducted to raise the capital by about EGP 1 billion within a year.
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.