Egypt-based property developer, SODIC signed Thursday a partnership with Heliopolis Company for Housing and Development to establish a residential project worth 20 billion Egyptian pounds ($2.5 billion).
The signing ceremony was in the presence of Egyptian Minister of Investment Ashraf Salman.
The city, located in New Heliopolis district, will be built on a space of 655 feddans owned by Heliopolis Company, set to include more than 8,000 units. The project is expected to generate revenues up to 30 billion pounds ($3.8 billion).
Heliopolis Company will obtain a minimum of 30 percent of revenues, up to 5 billion pounds.
Earlier in December, SODIC announced it had been awarded a land plot from Heliopolis Company for Housing and Development based on landscape partnership scheme, to establish the residential project. Heliopolis Housing has chosen between Mountain View and SODIC.