The Heliopolis Company for Housing and Development (HHD), one of subsidiaries of the Holding Company for Construction and Development affiliated to the ministry of public enterprise sector, intends to sell 44 plots of land on the main streets of the Sheraton area, in east Cairo.
The HHD’s Managing Director, Sahar Al Damati, said in press statement on Thursday that these plots of land are supposed to be offered in an auction on 2 May.
Al Damati revealed that the company is one of the largest companies with a substantial land bank spanning over strategic locations in Egypt.
She added that the company has conducted an in-depth study to learn how to develop its land bank in order to give the company the status it deserves, as well as improve prices and payment plans provided to customers.
“The study concluded with the financial restructuring of the company so that we can sell about 3% of the company’s land bank, and use the sales proceeds in funding its investment plans, as well as to achieve a funding balance between the company’s own resources and loans,” she noted.
Al Damati highlighted that the company subsequently will conduct another study on the possibility of capital increase in preparation for its presentation and approval by the board of directors.