Egypt's property developer firm, SODIC says it will receive the land to start works on the first phase of its flagship New Heliopolis in New Cairo within November 2017. The 655- feddan project is to be developed in partnership with the country's state-run Heliopolis Company for Housing and Development (HELI). Khaled El Marasy, Managing Director for Technical and Administrative Affairs at HELI, said Sunday that SODIC is set to submit its plans for New Heliopolis within the coming three months to officially start the works before the end of this year. HELI is responsible for executing the fully-integrated utilities works of the project, El Marasy stated, adding that the first phase is set to be finished early 2018. SODIC will be also responsible for managing and promoting the units, the Egyptian official added. About New Heliopolis, El Marasy showed that the project includes nearly 8, 6000 housing units, alongside administrative and commercial buildings. It is expected to develop the project within the next ten months, he said. He referred that HELI will capture 30 percent revenues of selling the units, while SODIC will attain the remaining 70 percent.
