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HHD to carry out five-year development plan: CEO

HHD to carry out five-year development plan: CEO

ArabFinanceHeliopolis Company for Housing and Development (HHD) (HELI) has a five-year plan that includes the development of New Heliopolis city, of which some 500-acre land plots were offered to be developed in partnership with major real estate developers, the company’s CEO Tamer Nasser told Al Mal Newspaper.

The awarding process of the 1,695-acre Heliopark development is being finalized to commence works immediately once the procedures are complete, Nasser said.

The plan also includes the optimum use of the company’s real estate assets in Heliopolis, including Maryland and Granada, in addition, to other property assets, he pointed out.

The company is getting ready to offer nearly 270 acres at New Heliopolis city for sale, in order to provide the required financial liquidity for developing the city, he said.

Moreover, he pointed out that the company has offered land plots at Heliopolis and Sheraton, with the aim to establish residential, commercial, and administrative projects.

The company also launched projects at New Heliopolis city, including villas and buildings, as well as commercial, administrative, educational, and medical projects, the CEO added.

Heliopolis for Housing is carrying out a number of projects at a total cost of around EGP 1.1 billion, Nasser highlighted, adding that the company has completed the construction of 10 buildings under the 28 buildings project.

The company is currently handling the design and construction of a water irrigation and sewage system as well as two power plants in New Heliopolis, he said.

Regarding to the company’s partnership with the private sector, a partnership agreement has been signed with Six of October Development and Investment (SODIC) (OCDI) for the establishment of an integrated housing project, the CEO remarked.

SODIC will own 70% of this project, while the remaining 30% will be owned by Heliopolis for Housing, he noted.

The company is mulling over all the available investment opportunities to choose the best, with the aim of boosting profitability rates and maximizing shareholders’ rights, Nasser stressed.

Additionally, he indicated that the company is now in talks with El-Obour City Authority over signing a protocol to receive El Nozha project.

It is worth noting that Heliopolis for Housing and Development reported a 50.7% year-on-year drop in net profit after tax for fiscal year (FY) 2020/2021, recording EGP 180.15 million, compared to EGP 365.55 million in FY 2019/2020.

The company’s board of directors proposed the distribution of cash dividends worth a total of EGP 138.60 million, equivalent to EGP 0.10 per share, to shareholders for FY 2020/2021.

HHD is a leading Egypt-based real estate development company that operates in land reclamation and subdivision, residential real estate development and management, property purchase and sale, as well as projects’ planning and supervising. This is in addition to the construction of houses, hotels, holiday resorts, and hospitals.

 

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