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Ten real estate developers buy Heliopark development conditions booklet

Ten real estate developers buy Heliopark development conditions booklet
The chairman expects the deal to close by the third quarter of 2021
Heliopolis Housing
HELI
-1.43% 4.82 -0.07

By: Abdullah Bedeir

Cairo – Mubasher: A total of 10 real estate developers have purchased the conditions booklet released by Heliopolis Company for Housing and Development for the development of Heliopark project over an area of 1,695 feddans in New Cairo, a source told Mubasher.

The 10 companies include Majid Al Futtaim Properties, Mountain View, Madinet Nasr Housing and Development (MNHD), Al Marasem International for Urban Development, Tiba for Real Estate Asset Management (La Vista), Hassan Allam Properties, Mohammed Ali Al Swailem Group (​MASCO), Six of October Development and Investment (SODIC), Misr Italia for Real Estate Investment, and Al Futtaim Group Real Estate, the source revealed.

The deadline for purchasing the conditions booklet is 16 June. Afterwards, Heliopolis will negotiate with the companies to select the best bid.

Earlier in April, the company’s Chairman, Khaled Zakareya Emam, said that the project is planned to be developed through a partnership deal based on a revenue-sharing scheme.

The chairman expects the deal to close by the third quarter (Q3) of 2021.

During the first half (H1) of fiscal year (FY) 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.