Egypt’s Heliopolis Housing to complete utilising New Heliopolis City late 2016

Egypt’s leading construction company, Heliopolis Company for Housing and Development, is set to complete utilising New Heliopolis City by the end of 2016, its managing  director khaled Marasi said on Tuesday.

After completing the utilisation, the leading property developer SODIC will start developing the residential project with total investments worth 30 billion Egyptian pounds (US$3.3 billion) on an area of 655 feddans.

The utilisation works include connecting the utilities to the land border and extend the water, waste water and electricity networks with total cost of one billion pounds, Marasi noted.

Marasi added that the works will encompass establishing two power plants and a water Tertiary treatment plant to be completed through six phases the first phase by the end of 2016.

The new project, located in New Heliopolis district on a land owned by Heliopolis Company, is set to encompass more than 8,600units with expected investments returns of 10 billion Egyptian pounds

In December 2014, 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 within a time frame of 10 years. Heliopolis Housing has chosen between Mountain View and SODIC.