The Heliopolis Company for Housing and Development has initially decided to partner with Mountain View for development and real estate investment in developing the Helio Park project on an area of 1,695 feddan.
The company said in a statement sent to the Egyptian Exchange on Tuesday, that this choice is considered preliminary and subject to the approval of the Board of Directors.
The expected total revenues of the project are EGP 397bn over 23-25 years, and HHD’s share is approximately EGP 115bn.
On the other hand, the financial indicators of the HHD for the first quarter (1Q) of the current fiscal year witnessed an increase in the company’s losses by 82.3%, on an annual basis, to EGP 75.19m, compared to EGP 41.23m during the same period last fiscal year.
The company’s activity revenues fell to EGP 574.18m in 2020/21, compared to EGP 1.099bn in 2019/20.