2023-06-07 12:56:19
The Heliopolis Company for Housing and Development plans to divide and offer the land of the giant “Helio Park” project on an area of 1,695 acres in eastern Cairo, to developers before the end of the year, to achieve the largest possible investment return, according to an official in the Holding Company for Construction and Building, which owns most of the company’s shares.
In December 2021, Heliopolis for Housing chose the Mountain View Development and Real Estate Investment Company to participate in the development of the Helio Park project, with expected total revenues of EGP 397 billion over a period of 25 years, before Heliopolis withdrew last January from participating. Justifying this by re-evaluating the lands.
The official, who spoke with the “East Economy” of the Holding Company for Construction and Building on condition of anonymity, said that “the project land will be divided into a number of plots, provided that each plot is not less than 200 acres to achieve the largest possible investment return. The offering will take place before the end of the year, according to Our plan… The Sovereign Fund of Egypt is now responsible for the offering.
The company’s plan to offer the lands of the project comes at a time of a dollar liquidity crisis, which the Egyptian government is suffering from, and is seeking to get out of it by selling some assets to foreign investors.
The governmental Holding Company for Construction and Building owns regarding 72.25% of Heliopolis Housing shares, with a capital of approximately 334 million pounds, while its market value is regarding 14 billion pounds.
Heliopolis for Housing and Development owns a land portfolio of 29.5 million square meters, of which 18 million square meters is undeveloped.
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