By Nasser Youssef
The Housing and Development Bank (HDB) plans on building a moderately-priced, middle-class housing project in Helwan over 27 acres recently acquired from the government.
An official at the bank stated that the project comprises of 2000 residential units to be completed within the coming two to three years.
The estimated cost of investment in the new project ranges from EGP 900 million and EGP 1 billion, according to the source, who confirmed that the bank finalised planning procedures on the project and that they’re currently evaluating contracting companies so as to commence construction in the coming two weeks.
The source added that bank’s projects are aimed at alleviating the housing crisis though filling the gap between the supply and demand for residential units in all governorates; the bank is currently investing in a number of projects that are suitable for a variety of income brackets.
Among the competing contracting companies are the Arab Contractors and Orascom Construction.
HDB has earned EGP 112 million in profits before tax during the first quarter, compared to EGP 69 million of the same period of last year. The bank net profits stood at EGP 83 million after tax, as opposed to EGP 61 million of the same period of last year. The bank is targeting a profit of 296.6 in 2012, a 46.3 percent growth from last year’s profits, which totalled EGP 202.7 million.