Cairo – Mubasher: Zahraa Maadi Investment and Development has agreed to make an advance payment of EGP 72 million to purchase a land plot from Heliopolis Company for Housing and Development.
The down payment represents 15% of the value of the land, Heliopolis Housing said in a statement to the Egyptian Exchange (EGX) on Thursday.
In a separate statement, Zahraa Maadi announced that it has agreed to buy the land for a total value of EGP 481.36 million.
The 25% advance payment is set to be paid over three installments:
- The first installment of 15% has been paid on 31 December 31 2019
- The second installment of 5% will be paid on 30 March 2020
- The third installment of 5% will be paid on 30 June 2020
Moreover, the remaining 75% will be paid over quarterly installments from 30 September 2020 to 30 June 2024.
In December 2018, Zahraa Maadi announced that it has received Heliopolis Housing’s approval to purchase a 34.48-feddan land plot in New Heliopolis City.
It is noteworthy that during the July-September period of 2019, Heliopolis Housing logged a net profit of EGP 29.39 million, up from EGP 8.7 million in the prior-year period.
During the first nine months of 2019, Zahraa Maadi’s net profits grew to EGP 110.2 million, compared to EGP 87.17 million a year earlier.
