Heliopolis Housing is scheduled to auction 109 land areas next Sunday located in fifth and sixth districts in Heliopolis alongside 11 land plots in Obour city, Al-Mal reported.
“The firm is expected to earn LE 130.8 million through selling such plots which hit 109,000 square meters at LE 1,200 each,” said Vice Chairman Mahmoud Hassan.
He added that his firm is selling its lands to provide needed cash flows according to offers as company payment facilities include getting 25 percent in advance and paying the remaining amount over 10 years, according to Al-Mal.
Hassan said that his firm has awarded Upper Egypt Contracting to build 12 villas in Heliopolis while gave General Co. for Buildings, affiliated to National Co. for Building and Reconstruction seven buildings at total cost of LE 38 million.
According to Hassan, Heliopolis Housing is targeting to build 24 housing units in second district in Heliopolis during fiscal year 2011/12 after finishing 18 complexes under construction.