|10 December, 2019

Heliopolis Housing approves to sell 34-feddan land to Zahraa Maadi

The real estate developer will obtain a 34.48-feddan land plot to build a residential and commercial project

Image used for illustrative purpose. Heliopolis district in Cairo.

Image used for illustrative purpose. Heliopolis district in Cairo.

Getty Images
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.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Business