The Heliopolis Company for Housing and Development (HHD) is expected to hand over its new land development plan to the Ministry of Public Enterprises Sector on Monday. The company is expected to start implementation of the plan, upon its approval by the ministry.
While the details of the plan are yet to be disclosed, industry sources note that it is likely to include partnership/revenue sharing agreements with other real estate developers. This would have the objective of speeding up on the monetisation of the company’s land bank of 18m sqm undeveloped land.
Meanwhile, HHD and Six of October Development and Investment Company (SODIC) are currently in negotiations to reschedule the minimum guarantee payment from the revenues of the 655-feddan New Heliopolis City development project, local media has reported. Previous indications note that the minimum guarantee totals EGP 5bn for the entire project.
HHD is a subsidiary of the Holding Company for Construction and Development (HCCD) which is affiliated to the Ministry of Public Enterprises Sector.