Heliopolis Housing Approves Selling Over 35 Acres to Zahraa Maadi

Heliopolis Housing Approves Selling Over 35 Acres to Zahraa Maadi

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.

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