Cairo – Mubasher: Heliopolis Company for Housing and Development on Thursday has revealed that it aims to generate around EGP 730 million in profits from the development of a 14,300-metre land owned by Hassan Allam in Moharam Bek, Alexandria governorate.
A joint venture named ‘Nasr for Real Estate Development’ is planned to be established in collaboration with Hassan Allam’s Nasr General Contracting Co, Nasr Housing Co, and Maadi for Development & Reconstruction, Heliopolis Housing highlighted in a filing to the Egyptian Exchange (EGX).
The company has approved the valuation done by government entities estimated at approximately EGP 30,000 per square metre, without adjusting its 20% stake in Nasr for Real Estate Development, according to the filing.
Heliopolis Housing had previously reported a net profit of EGP 120.47 million in the July-March period of fiscal year 2017/2018, compared to EGP 135.84 million in the prior-year period.
