Wednesday 22 Jan
Heliopolis Company for Housing and Development is set to launch a new project in New Heliopolis City, east of Cairo, spanning 25 acres. This was announced by Dr. Sameh El-Sayed, the company's Managing Director and CEO.
El-Sayed revealed that the company has contracted with ECG for engineering consultancy to design an integrated residential and service complex as a first phase. This phase is projected to have a construction cost of 1.8 billion Egyptian pounds and is expected to generate initial sales worth 4 billion Egyptian pounds.
He explained that the company
anticipates submitting the detailed project plan in January 2025 to obtain the
necessary ministerial approval. Further details regarding the project,
including available spaces, will be announced in the near future.
Dr. El-Sayed emphasized that this
project aligns with the company's strategic focus on developing New Heliopolis
City. With over 600 acres of undeveloped land approved for development by the
board of directors last August, the company aims to maximize the utilization of
its land assets.
It's noteworthy that this
development plan encompasses the company's land portfolio acquired in partnership
with the Middle East Development and Real Estate Investment Company. This
portfolio includes two plots totaling 865 acres in the southern region and 894
acres in the northern region of New Heliopolis City.
Furthermore, the company has established partnerships with Madinet Masr Housing and Development Company on two plots totaling 491 acres and with M Group on a 77-acre plot. These strategic collaborations are anticipated to generate a cumulative revenue of at least 106 billion Egyptian pounds over the next decade.
