Cairo – Mubasher: Zahraa Maadi Investment and Development announced that it has received approval of Heliopolis Company for Housing and Development to purchase a land plot in New Heliopolis City.
The real estate developer will obtain a 34.48-feddan land plot to build a residential and commercial project, according to a statement to the Egyptian Exchange (EGX) on Monday.
Earlier in December, an informed source told Mubasher that Heliopolis Housing is in negotiations with several companies to sell a 34-feddan land and another 16-feddan land in New Heliopolis in El Shorouk City.
It is noteworthy that during the first nine months of 2019, Zahraa Maadi logged a net profit of EGP 110.2 million, compared to EGP 87.17 million in the corresponding period a year earlier.
From July to September, Heliopolis Housing reported a net profit of EGP 29.39 million, up from EGP 8.7 million in the prior-year period.
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