Heliopolis Company for Housing and Development withdraws from a primary agreement with Mountain View for the development of the Heliopark project, Invest-Gate reports.

The project is planned to be situated on an area of 1,695 feddans with EGP 397 bn in investments over up to 25 years.

Heliopolis attributes the cancellation of the previous bid to the current economic conditions and the remarkable rise in land valuations in the real estate market in the last period.

In 2021, 3 companies submitted bids for the huge project and Heliopolis chose Mountain View’s bid. No contracts are signed between the two companies.

Mountain View comments that it understands the reasons for canceling the bid, and its support for any governmental decisions taken to achieve the public benefit and uphold the supreme interest of the country.

The company also confirms its endeavor to study new investment opportunities that achieve the shareholders’ strategy to enhance its leadership in the Egyptian real estate sector, and to meet the great demand for its housing units.