On Saturday, Heliopolis Company for Housing and Development signed a contract with Arab Contractors for the restoration and development project of Grenada City’s historical building, located in Heliopolis, with the attendance of the Minister of Public Sector Affairs, Ashraf El Sharqawy, and Cairo governor Atef Abdel Hamid.
The renovation project of the building is expected to cost around EGP 37.2m, and to be finished within one year. “The renovation of Grenada building, as well as Merryland Park, is a part of the plan to restore Cairo governorate’s unique architectural style,” said Abdel Hamid during the press conference.
Moreover, the project includes the renewal of both sewage networks in the area (around 11,000 sqm) and lighting. Additionally, a cinema and multiple restaurants will be constructed.
On the other hand, Hany Al-Deeb, CEO of Heliopolis Company for Housing and Development, has announced that the company’s sales decreased by 20-25% following the flotation of the Egyptian pound in November. He added that the company is confident that the Egyptian economy will gain momentum once again.
He emphasised the importance of the New Administrative Capital as an investment opportunity. He also added that the company has issued a buying request for 500 feddans in the New Administrative Capital to establish a fully integrated urban project and that the company is targeting a net profit of EGP 300m for fiscal year (FY) 2017.