Heliopolis Housing agrees to extend the implementation period of its project with SODIC for 11 months

Heliopolis Housing agrees to extend the implementation period of its project with SODIC for 11 months


The board of directors of the Heliopolis Company for Housing and Development, at its meeting yesterday, agreed to extend the deadline for the implementation of the partnership project with the Sixth of October "Sodic" for an additional 11 months.

According to the statement sent by the company to the Egyptian Stock Exchange today, the Heliopolis Board of Directors agreed to reschedule the guaranteed minimum contract signed with SODIC to develop 655 acres in the new city of Heliopolis.

According to the contract between the two companies, Heliopolis gets 30% of the project’s revenues and the monthly payment schedule agreed between the two parties, “the guaranteed minimum”.

The company added in its statement that as a result of the general economic conditions and the extent of its impact on the real estate sector, the board of directors agreed to the rescheduling in a manner that does not affect the present value (pv) of the total inflows.

The project is located in East Cairo, near the city of Sunrise and the new administrative capital, and contracts were signed between the two parties in March 2016 for SODIC to develop 655 acres, and the total expected revenue is estimated at about 30 billion pounds.
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