The CEO and Managing Director of Heliopolis Housing and Reconstruction Company, Tamer Nasser, said in an interview with Al-Arabiya that the real estate market in Egypt at the end of this year will start to rise and the demand for products will increase for developers who better choose their projects and offer offers with suitable products at a reasonable price to the market.
Nasser explained that the company has huge projects, most notably the “Heliopolis Park” residential service project, in New Cairo, on an area of 1,700 feddans, with expected revenues estimated at about 100 billion pounds.
He explained that the completion of the contract with the developer will be before the end of the third quarter of the year, adding that the companies “Majid Al Futtaim”, “Nasr City Housing” and “Mountain” have applied to buy the bid book.
Heliopolis Housing had postponed launching the brochure of conditions for developing a heliopark project with an area of 1,700 feddans in New Cairo to this day instead of last March. Five real estate development companies have applied for the project by withdrawing its terms of reference.
He said that the company has a tendency, within a year from today, to call for a capital increase of up to one billion pounds to finance the “New Heliopolis” city project.