Cairo – A total of 10 real estate developers have purchased the condition booklet issued by Heliopolis Company for Housing and Development for the development of Heliopark project on 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 condition booklet is June 16. Then the company will negotiate with the companies to select the best offer.
Earlier in April, the company’s chairman, Khaled Zakareya Emam, said the project was to be developed under a partnership agreement based on a revenue-sharing system.
The president expects the deal to close by the third quarter (Q3) of 2021.
In the first half (H1) of the 2020/2021 financial year, Heliopolis Housing recorded net losses of EGP 84.57 million, compared to net profits of EGP 351.3 million in the prior year period .
Source: Mubasher Exclusive
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