Heliopolis Company for Housing and Development contracts with Mountain View for Heliopark project. The project’s total revenues are expected to reach EGP 397 bn before 2022-end, Invest-Gate reports.
Tamer Nasser, CEO of Heliopolis Housing and Development, explains that the company is reviewing the contract’s terms with Mountain View. Moreover, Mountain View was selected from among three companies, namely Mountain View, Hassan Allam, and Al-Futtaim, to participate in Heliopark project. The project spans over 1,695 acres and Heliopolis’ share of the project’s expected revenues is around EGP 115 bn.
Mountain View pays EGP 1.4 bn in advance to Heliopolis Company for its participation in Heliopark, with a 50% down payment during signing the agreement and 50% within 18 months. Heliopolis owns 30% of the project’s revenues.
It is worth mentioning that Heliopolis Housing and Development has a land portfolio of EGP 29.5 mn sqm, while 18 mn sqm of them haven’t been exploited so far.