Misr Al Gadida Approves Contract Addendum for 894 Feddans Development in New Heliopolis

Misr Al Gadida has approved the signing of a contract addendum with Middle East Development and Real Estate Investment & Tourism Company for the development of the northern land, covering a net area of 894 feddans in New Heliopolis. According to a statement to the Egyptian Exchange on Tuesday, the contract includes a guaranteed minimum of EGP 23.806 billion, an advance payment of EGP 155.25 million, and a bank guarantee of EGP 134.55 million. Middle East Development is expected to complete the master plan design for the southern area of 865 feddans in New Heliopolis, with support from consultancy teams from the UK, Spain, and Egypt, by the end of August. Marketing and project implementation will begin once the ministerial decree is issued. The board also recommended continuing negotiations with developers for the development of 491 feddans in New Heliopolis and reaching out to incomplete bidders to meet the council’s minimum targets, which include a guaranteed minimum of EGP 16.5 billion, a contract advance of no less than EGP 1 billion, and projected revenue of at least EGP 35 billion over a development and sales period not exceeding 12 years.

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