Heliopolis for Housing & Development (HHD) and SODIC agreed to postpone their partnership project aiming to develop 655 acres of lands until next September due to economic challenges following the float of the EGP, Al Borsa reports.
Both parties are collaborating in the development of land plots located in Heliopolis at a total cost of EGP 20 bn. HHD owns the lands and will receive 30% of selling profits, while SODIC will receive 70% as it will lead construction works in the roads, facilities, residential units, commercial units, and green areas.
The project will be constructed over three phases and will include 8,600 units that will be finalized within 10-13 years. The project’s revenues are estimated at up to EGP 30 bn.