Cairo – Mubasher: Madinet Masr Housing and Development has announced the signing of a co-development project in New Heliopolis City with Heliopolis Housing and Development Company, known as Misr Al-Gadida for Housing and Development.

The project spans 491 feddans and will offer a variety of residential units, including luxury flats, standalone villas, town houses, and commercial projects, according to a press release.

The partnership encompasses two land plots totalling 491 feddans: the first plot covers 245.10 feddans, and the second plot spans 246.31 feddans.

The project is expected to generate total revenue of EGP 194.67 billion over 12 years, with Madinet Masr holding a 63.50% participation rate.

It is strategically located in the heart of New Heliopolis, with direct access to the Cairo-Ismailia Road to the north and the Cairo-Suez Road to the south.

Madinet Masr has also made the agreed contract payment of EGP 1.10 billion upon signing.

Abdallah Sallam, President and CEO of Madinet Masr, said: "Our strategic expansion into pioneering projects underscores our unwavering commitment to delivering high-quality real estate products that fulfill needs and exceed our customers’ expectations.”

"This partnership marks a milestone towards Egypt’s sustainable urban development, creating an appealing destination for those seeking distinctive residential opportunities,” Sallam added.

In April 2024, the New Urban Communities Authority (NUCA) received technical and financial proposals from Hyde Park, Madinet Masr, and Mountain View to participate in the New Heliopolis City project.

Madinet Masr logged a consolidated net profit of EGP 1.17 billion in the first quarter (Q1) of 2024, an annual surge from EGP 304.36 million.