January 6, 2022

HHD to use EGP 1.4B down payment from Heliopark deal in Heliopolis City development


ArabFinance: Heliopolis Housing and Development (HHD) (HELI) is planning to direct most of the down payment it will receive, under the partnership deal of Heliopark project, in development works at New Heliopolis City, sources familiar with the matter told Al Mal Newspaper.

The company is set to obtain the down payment worth EGP 1.4 billion in two installments, the sources said.

HHD will get the first installment once the final contracts of the project are signed, while the second installment will be received after a year and a half from the date of signing the contract, they highlighted.

On December 29th, 2021, HHD announced that its board of directors has officially approved the offer submitted by Mountain View, upon which the two companies will partner up to develop the 1,695-acre Heliopark project.

HHD is a leading Egypt-based real estate development company that operates in land reclamation and subdivision, residential real estate development and management, property purchase and sale, as well as projects’ planning and supervising. This is in addition to the construction of houses, hotels, holiday resorts, and hospitals.

arabfinance


Categories : real estate

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