Heliopolis Developers Group (HDG) has launched the second phase of its Korba Heights project with investments worth EGP 150m, according to HDG managing director Tarek Abdel Latif.
Latif’s announcement came last week during a ceremony held by the group, where he also revealed the group will implement three other large projects.
HDG also said there will be new investments in the Egyptian real-estate market during the coming phase, including residential, commercial and administrative projects in New Heliopolis in addition to tourism projects.
Abdel Latif added that the company is looking to implement the Gold Yard Compound, to be located in the Sheraton Heliopolis area, as well as the Korbetna project, set to be a new compound for villas.
New Heliopolis City was founded under Presidential Decree 1995/193 as an extension of the Heliopolis suburb. It is located east of Cairo on an area of 5,885 acres, surrounded by the Cairo-Ismailia desert road to the North, and the Cairo-Suez Road and Madinaty to the South.
“We are planning tourism real estate projects in Ain Sokhna,” said Abdel Latif, without revealing further information about the project. “We are keen to continue injecting new investments in the Egyptian real-estate market during the coming period, as the sector is considered to be promising and an engine of growth for the Egyptian economy.”
He said that the new Korba Heights project will be located on 26,500sqm of green areas, “with numerous scenic areas and space for housing units that suit all tastes.”
Abdel Latif pointed out that the investment value of the Korba Heights project is EGP 700m, as the project will be built on 10 acres in New Heliopolis and develop over four phases. The project will provide for 800 housing units starting from 100sqm for apartments and 200sqm for duplex villas.
He added that HDG has started marketing six buildings for the project that contain 250 housing units for the first phase. The project will be developed over four years, and the remaining phases of construction will be set according to marketing and demand for apartments offered for sale.
Abdel Latif revealed that HDG owns a portfolio of land in New Heliopolis with investments worth EGP 1.2bn. This is in addition to other investments and projects it seeks to develop throughout 2015 which are worth nearly EGP 2.2bn.
