Cairo-based Heliopolis Housing and Development (HHD) has announced selling a 1,980-acre land plot in Sheraton, Heliopolis, for EGP 99.3 mn at an auction on May 4, Invest-Gate reports.

Last February, the company’s board of directors approved to sell part of the company’s land portfolio to finance its investment plan. This includes a 1,980-square-meter land located behind Sheraton and a 190-acre plot in New Heliopolis City, northeast Cairo, in addition to a 100-acre land area in Heliopark City, east Cairo, according to a bourse filing on May 4

Additionally, back in October 2018, the construction firm had revealed that it will sell around 30 to 100 acres of land plots in its New Heliopolis City project to be used for residential, commercial, and service purposes.

HHD, one of the subsidiaries of the Holding Company for Construction and Development affiliated to the Ministry of Public Enterprise Sector, is among the lineup of state-owned companies planning to proceed with additional stake sales on the Egyptian Exchange (EGX), as part of the state privatization program.