MEMPHIS REISEN

HHD to invest EGP 4bn in New Heliopolis City – Dailynewsegypt

Heliopolis Company for Housing and Development (HHD) plans to invest between EGP 3-4bn over the next five years to develop New Heliopolis City.

Sameh El-Sayed, the Managing Director and CEO of HHD, told Daily News Egypt that the company has adopted a plan to improve the infrastructure and efficiency of the city by building more roads and services, upgrading the city’s facilities, and hiring a specialized security company. He also said that the company aims to enhance the existing neighbourhoods in the city.

El-Sayed added that Madinet Masr has implemented a comprehensive restructuring plan to maximize the use of its land portfolio and achieve the highest return for its shareholders.

He said that the company is pursuing both self-development and partnership with the private sector, which is its new strategic priority.

Last month, HHD signed a deal with the Middle East Real Estate and Tourism Development to develop 865 feddan in New Heliopolis City, with a 28% revenue share for semi-finished units, plus 3% of the finishing value, with a minimum guaranteed value of EGP 23bn and an expected return of EGP 39.7bn.

HHD said in a statement to the stock exchange two days ago that it may expand the deal to include another 1070 feddan in the northern part of New Heliopolis City, which would increase the value of the down payment and the guarantee letter accordingly.

The company said it will receive EGP 150m and a guarantee letter worth EGP 130m from the Middle East Company upon handing over the land and getting the authorization to deal with the relevant authorities, which is expected to happen within two weeks.

HHD has also decided to offer residential units in New Heliopolis City and the Sheraton area in New Cairo for sale through public bidding and to start selling 84 residential units.