State-run Heliopolis Housing eyes new housing project early 2018

Big 5

Egypt’s state-run Heliopolis Company for Housing and Development says it plans to launch a new residential project at the fourth district in New Heliopolis City flagship by early 2018.

The project will be built on a space of 100 feddans, with investments worth two billion Egyptian pounds ($112 million).

Wael Youssef, Managing Director for Financial and Administrative Affairs at Heliopolis Co., told Amwal Al Ghad on Tuesday that his company also seeks to achieve revenues totalling four billion pounds from the anticipated residential project.

The project includes a commercial part as well as 622 villas varying a number of duplexes and town houses, Youssef stated, adding that the flagship would be established in three phases within the next five years.

“We are responsible for marketing and selling all the project’s phases within the coming period,” the Egyptian official further noted.