Cairo – A total of 10 real estate developers have purchased the booklet of conditions issued by Heliopolis Company for Housing and Development for the development of the 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 Terms and Conditions book is June 16. Then the company will negotiate the companies to select the best deal.

Earlier in April, the company’s chairman, Khaled Zakareya Emam, said the project is expected to be developed under a partnership agreement based on a revenue sharing system.

The president expects the deal to be done by the third quarter (Q3) of 2021.

In the first half (S1) of fiscal year (FY) 2020/2021, Heliopolis Housing recorded net losses of EGP 84.57 million, compared to a net profit of EGP 351.3 million in the period of the previous year.

Source: Mubasher Exclusive

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