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Heliopolis Housing: The city of Granada will be offered to investors within two months

Heliopolis Housing and Development Company - one of the companies of the Ministry of Public Business Sector - said that it had received the Granada City project, and measures will be taken to offer it during the current fiscal year to investors with the aim of choosing the best offers available for exploitation. This came in response to the Central Auditing Agency’s remark regarding non-exploitation. The company's assets that have not been used for years, including the city of Granada, whose development project was completed and initially received on March 28, 2019.


The company added, in response to the CAA report on the periodic financial statements ending on March 31, 2021, that for the Shuland region, the contract with Itqan Group for Real Estate Development, which leased to the Sholland during the previous period, was not completed, given that the investor was not able to sign the contract due to Due to his personal circumstances as a result of Corona events, and the tenant was met several times to negotiate some differences in the terms of the contract, and they are currently being studied in the company's legal affairs, and the position will be evaluated by the company’s management to start work or withdraw the project from the investor.


As for the non-exploitation of the company's land in New Cairo, which has an area of ​​1,658 acres, despite the passage of more than 7 years since the issuance of two ministerial decisions to approve planning and dividing it, the company said that a brochure of conditions was prepared by a committee formed by the Holding Company for Construction and Development and the Development and IPO consultant, and it was reviewed by a committee of The company was offered to major investors in the revenue sharing system with the company through a bidding in the closed envelope system, and 9 companies bought the bid book.