Majid Al Futtaim, Mountain View, MNHD obtain tender booklet for Heliopark project

Alyaa Stohy
3 Min Read

Majid Al Futtaim, Mountain View, and Madinet Nasr Housing and Development (MNHD) have have obtained the tender specification booklet for the development of the Heliopark project, according to Tamer Nasser, Managing Director at the Heliopolis Housing and Development Company (HHD).

The Heliopark project, located on the Cairo-Suez Desert Road near the New Administrative Capital (NAC), is set to cover an area of ​​1,695 feddans.

The tender booklets were recieved within the first hour and a half after they have been offered to investors. 

Nasser explained that the completion of the contract with the developer will take place before the end of the third quarter (Q3) of 2021. 

This is provided that the partnership revenues from this contract will be used in the development projects of New Heliopolis.

With regard to the Granada project, Nasser said that investment opportunities are being sought to achieve optimal utilisation of the place while preserving its heritage.

He is expecting the project to be revived and operational during Q2 of 2022, as the preparation for the launch of the project is currently underway and is expected to be launched before the middle of the year.

Meanwhile, Nasser said that his company had set a plan to provide the necessary liquidity for development projects through several alternatives, which would be activated within weeks.

He confirmed, during a press conference held by the company on Saturday, that financing had been obtained with a nominal value of EGP 286m from QNB through “right transfers”. 

Negotiations are currently underway with three banks to obtain another right transfer with a nominal value of EGP 671m.

He expected to obtain this funding during April, which would enable the company to implement its plan during this year, mainly in ongoing projects in New Heliopolis.

He added that a detailed financial study of the resources required in the following years of the first year has been drawn up in preparation for calling for an increase in the capital during the first year. 

The decision will be taken after further study, and it will be in the range of EGP 1bn within a year from now.

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