CI Capital said Heliopolis Housing and Development’s intention to sell 109 land plots is negative, according to a report on Arab Finance.
The news may initially appear positive, CI said, indicating a revenue generator, however, land sale is not a core activity for the firm, which is focused on developing its land bank and then selling completed units at higher margins.
“This news shows another instance of [Heliopolis Housing’s] inefficiency in utilizing its assets,” the firm said.
Heliopolis Housing said it intends to put 109 land plots of 1,000 square meters each up for sale in New Heliopolis City by next October. The firm intends to generate LE 120 million from the sale of the land plots.