HHD to invest EGP 4bn in New Heliopolis City

HHD to invest EGP 4bn in New Heliopolis City

Heliopolis Company for Housing and Development (HHD) plans to invest between EGP 3-4bn over the next five years to develop New Heliopolis City.

Sameh El-Sayed, the Managing Director and CEO of HHD, told Daily News Egypt that the company has adopted a plan to improve the infrastructure and efficiency of the city by building more roads and services, upgrading the city’s facilities, and hiring a specialized security company. He also said that the company aims to enhance the existing neighbourhoods in the city.

El-Sayed added that Madinet Masr has implemented a comprehensive restructuring plan to maximize the use of its land portfolio and achieve the highest return for its shareholders.

He said that the company is pursuing both self-development and partnership with the private sector, which is its new strategic priority.

Last month, HHD signed a deal with the Middle East Real Estate and Tourism Development to develop 865 feddan in New Heliopolis City, with a 28% revenue share for semi-finished units, plus 3% of the finishing value, with a minimum guaranteed value of EGP 23bn and an expected return of EGP 39.7bn.

HHD said in a statement to the stock exchange two days ago that it may expand the deal to include another 1070