Heliopolis Company for Housing and Development is working on signing the final contracts for the Helio Park project with the Mountain View Company, which is expected to generate total revenues of EGP 397 billion, as soon as before the end of this year (a dollar equals EGP 19.1). .
“We are reviewing the terms of the contract with Mountain View (currently) to develop the giant Helio Park project. We hope to finish soon and sign, and we aim well before the end of the year, but I can’t specify a specific date,” according to Tamer Nasser, CEO of Heliopolis Housing and Development. In statements to “Al-Sharq”.
Heliopolis for Housing and Development chose Mountain View Development and Real Estate Investment last December to participate in the development of the giant “Helio Park” project on an area of 1,695 acres, with total expected revenues from the project amounting to 397 billion pounds over 23 to 25 years.
“Mountain View” was selected from among 3 companies that submitted bids to “Heliopolis for Housing and Development” to participate in the “Helio Park” project, namely: “Mountain View”, “Hassan Allam”, and “Al-Futtaim”. The share of “Heliopolis” is Of the project’s expected revenues, about 115 billion pounds.
Mountain View pays EGP 1.4 billion to Heliopolis for its participation in the Helio Park project
Mountain View Development and Real Estate Investment will pay a EGP 1.4 billion advance to Heliopolis Housing and Development for its participation in the project, with a 50% down payment upon signing the agreement, and 50% within 18 months. Heliopolis’ percentage of the project’s revenues is about 30%.
By 08:53 GMT, the “Heliopolis” stock was trading on the Egyptian Stock Exchange at 6.03 pounds, down 0.17%.
Heliopolis Housing and Development owns a portfolio of land of 29.5 million square meters, of which about 18 million square meters are untapped.