Heliopolis Company for Housing and Development (HHD) has ratified the selling of 144,816.29 square meters in New Heliopolis, east Cairo, to Zahraa Maadi Investment and Development, Invest-Gate reports.  

The plot, which was given at a total value of EGP 481.47 mn, is worth EGP 3,324 per square meter. Zahraa Maadi will utilize it to build an integrated residential and commercial development, HHD said in a bourse filing on December 16. 

According to the statement, the two Egyptian developers have agreed on the payment terms, which will be settled in three batches, with a deposit of 25% of the total value. Meanwhile, the remainder will be paid in installments over four years.

It is noteworthy to mention that Public Enterprise Minister Hesham Tawfik previously announced that 22-25% of shares in HHD will be offered on the Egyptian Stock Exchange (EGX) in Q1 2020, according to an official statement in late November.