Heliopolis Company for Housing and Development (HHD) has granted an 11-month extension to the deadline for developing a 655-acre plot in east Cairo’s New Heliopolis, under a 2016 contract with Egypt’s Sixth of October for Development and Investment Company (SODIC), Invest-Gate reports.

The state-run real estate firm also signed off on restructuring the EGP 5.01 bn minimum guaranteed revenues from the development, citing the current economic slowdown and its effect on the Egyptian property market, according to HHD’s bourse filing on July 27.

Back in 2016, SODIC and HHD had inked a co-development agreement for developing the New Heliopolis land plot into a fully-integrated project with 8,000 residences, incorporating some retail, medical, educational, and recreational components.

Under the deal, SODIC is entitled to 70% of revenues from units sold in the gated community, whilst the other party will get the remaining quota. Revenues from commercial and retail sales are split similarly, according to the previous bourse filing.

Dubbed “SODIC East,” the project’s total revenues are expected at EGP 30.35 bn and will be implemented for over ten years, it further added.