Cairo - Mubasher: Heliopolis Company for Housing and Development has postponed the date for submitting technical and financial offers for the development of Heliopark project to 10 August instead of 27 July, according to a bourse disclosure on Sunday. 

In April, a source told Mubasher that 10 real estate developers purchased the conditions booklet to partner with Heliopolis Company in developing the project over an area of 1,695 feddans in New Cairo.

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

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

During the first nine months of fiscal year (FY) 2020/2021, Heliopolis Company for Housing and Development reported net profits of EGP 16.25 million, down from EGP 379.59 million in the prior-year period.