Heliopolis Housing launches terms for Heliopark project on PPP system

Heliopolis Company for Housing and Development has revealed it tender terms for the development of Heliopark on public private partnership with local real estate developers, the Chairman, Khaled Zakareya Emam, said.

The project will be developed over an area of 1,695 feddans in New Cairo, he noted.

So far, three major companies have obtained the booklet of conditions, namely Majid Al Futtaim, Mountain View, and Madinet Nasr Housing and Development (MNHD), Emam said on Sunday

The project is planned to be developed through a partnership based on a revenue-sharing scheme.

The chairman expects the deal to close by the third quarter (Q3) of 2021, noting that revenues generated from this partnership will be used to develop New Heliopolis.

In December 2020, the board approved in principle a proposal to study the development of a 1,695-feddan land in Heliopark in collaboration with property developers.

The CEO of the real estate developer, Tamer Nasser, said that the company has developed a plan to provide the required liquidity for its projects in the first year of its five-year strategy.