Cairo – Mubasher: The board of Heliopolis Company for Housing and Development has agreed to sell a land plot spanning 243 feddans in the 20th district in New Heliopolis City for EGP 1.73 billion.
The cash proceeds, equivalent to EGP 1,700 per square metre, will be paid over two transactions, according to a bourse disclosure on Wednesday.
Heliopolis Housing elaborated that 20% of the total value will be paid when signing the contract, which is expected to take place in the coming days, while the remaining value will be disbursed over 16 equal instalments without interest on a quarterly basis.
The deal comes in line with the company’s strategy to transform New Heliopolis into an integrated city.
It is noteworthy to mention that Heliopolis Housing recorded net profits worth EGP 180.15 million in fiscal year (FY) 2020/2021, an annual drop of 50.70% from EGP 365.55 million.
