Heliopolis Housing inks participation contract to develop 865 feddans in New Heliopolis City

Reuters Images/Mohamed Abd El Ghany

The project is set to be executed over a 10-year period as of the issuance date of the first license

Staff Writer, Arab Finance

PHOTO

Arab Finance: Heliopolis Company for Housing and Development has signed a participation contract with the Middle East Investment and Touristic Development Company to develop 865 feddans, subject to extension or contraction, in New Heliopolis City, according to a statement.

Under the deal, the company’s share in revenues from the semi-finished units, along with 3% of the finishing value with a guaranteed minimum of EGP 23 billion and an expected return of EGP 39.7 billion.

The project is set to be executed over a 10-year period as of the issuance date of the first license, while the development, marketing, and sales period is 14 years.

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