Heliopolis Company for Housing and Development approved a request submitted by Six of October Development and Investment (SODIC) to reschedule the payments related to the co-development contract for 655 feddans in New Heliopolis in east Cairo.
This decision is based on the current economic circumstances and challenges facing the real estate market amid the coronavirus (COVID-19) crisis, Heliopolis Housing said.
The payment reschedule will have no effect on the present value (pv) of the total inflows.
Sodic and HHD had signed an agreement back in 2016 to co-develop the land into a “fully integrated project” with retail, medical, educational, and sports facilities, in addition to 8,600 homes.
Under the agreement, Sodic is entitled to 70 percent of the revenues from homes sold in the development, while the state-owned company will get the remaining 30 percent. Revenues from commercial and retail sales are split similarly.
