The Heliopolis Company for Housing and Development (HHD) has approved a request by SODIC to reschedule the former’s dues in a participation contract.
The contract relates to 655 feddan in New Heliopolis City, according to which HHD would receive 30% of the project’s revenues. This figure is based on changes in general economic conditions, and the extent of the project’s impact on the real estate sector.
In a statement, HHD said that it had agreed to reschedule the guaranteed minimum, to avoid affecting the present value of total flows. The project implementation period will also be extended for a period of 11 months.
HHD achieved profits amounting to EGP 379.59m in the period between July 2019 and March 2020, compared to the EGP 39.59m recorded in the comparative period of the previous fiscal year. During the period, the company’s revenues increased to EGP 1.13bn, compared to EGP 468.59m in the last fiscal year.
The company attributed the growth in revenues to increased sales of land in New Heliopolis and the Sheraton Heliopolis area.