{"id":579080,"date":"2023-01-24T03:55:51","date_gmt":"2023-01-24T03:55:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/24\/heliopolis-housing-is-putting-its-heliopark-project-back-out-to-tender\/"},"modified":"2023-01-24T03:55:51","modified_gmt":"2023-01-24T03:55:51","slug":"heliopolis-housing-is-putting-its-heliopark-project-back-out-to-tender","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/24\/heliopolis-housing-is-putting-its-heliopark-project-back-out-to-tender\/","title":{"rendered":"Heliopolis Housing is putting its Heliopark project back out to tender"},"content":{"rendered":"

<\/a> Mountain View is no longer on board to co-develop Heliopark: <\/strong>Heliopolis Housing has scrapped plans to co-develop its Heliopark project in New Cairo with Mountain View, saying in a statement<\/a> that \u201ccurrent economic conditions and the remarkable rise in land valuations witnessed by the real estate market\u201d in recent months meant it would no longer be accepting Mountain View\u2019s offer.<\/p>\n

The Mountain View offer: <\/strong>Heliopolis Housing\u2019s board a year ago chose Mountain View<\/a> in a tender to find a partner for the project, rejecting bids both a major national company as well as a regional outfit, according to a media report<\/a>. Mountain View had been set to invest some EGP 1.4 bn in exchange for an undisclosed share in the revenues of Heliopark over a 23-25 year period, which Heliopolis Housing at the time estimated (pdf)<\/a> could total some EGP 397 bn. Heliopolis Housing was set to receive 30% of the project\u2019s revenues.<\/p>\n

What changed? Mountain View may have been outshone by Gulf suitors and their hard currency. <\/strong>The state-owned parent of Heliopolis Housing is in talks with Gulf investors<\/a> on a potential \u201cpartnership\u201d that could reportedly involve an investment in Heliopark, as well as purchases of state-owned land and assets. Having already poured USD bns in deposits and FDI into our economy last year amid the fallout of war in Ukraine, Gulf countries are also expected to be key buyers for a revamped state privatization push<\/a> that is partly aimed at bringing in more hard currency amid the FX crunch.<\/p>\n

But Mountain View isn\u2019t giving up so easy: <\/strong>The company will bid for the project again if Heliopolis Housing reissues its tender, the media report suggests.<\/p>\n

Market reax: <\/strong>Heliopolis Housing\u2019s share price rose 2.6% to close at EGP 11.50 on yesterday\u2019s news.<\/p>\n

SOUND SMART- Companies are reconsidering pricing on (and funding for) infrastructure, real estate and other large-scale projects in the wake of the float of the EGP <\/strong>\u2014 and the high land prices charged by the government will only make things more complicated. While this is the first time we\u2019ve seen a finished tender canceled on the back of the float, planned tenders for the Tenth of Ramadan dry port<\/a> and a 20-MW solar plant in Hurghada<\/a> have both been postponed to give bidders a chance to revise their figures.<\/p>\n","protected":false},"excerpt":{"rendered":"

Mountain View is no longer on board to co-develop Heliopark: Heliopolis Housing has scrapped plans to co-develop its Heliopark project in New Cairo with Mountain View, saying in a statement that \u201ccurrent economic conditions and the remarkable rise in land valuations witnessed by the real estate market\u201d in recent months meant it would no longer […]<\/p>\n","protected":false},"author":1,"featured_media":579081,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[72,3648,157,154,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-579080","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-heliopark","tag-heliopolis-housing-and-development","tag-mountain-view","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"2eb6d830-9f2e-4cfe-b2ab-45c8d46a218a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/1\/413.jpg","photo_position":"above","related_issue":[579068],"teaser":"","voice_url":""},"yoast_head":"\nHeliopolis 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co-developer since ending ties with Mountain View in February","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/792.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581717,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/20\/hhd-shareholders-vote-to-scrap-heliopark-tender\/","url_meta":{"origin":579080,"position":1},"title":"HHD shareholders vote to scrap Heliopark tender","author":"enterpriseam admin","date":"20 February 2023","format":false,"excerpt":"Parent company of Heliopolis Housing is in talks with Gulf investors who are interested in Heliopark","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our 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"Privatization"","block_context":{"text":"Privatization","link":"https:\/\/enterpriseam.com\/egypt\/category\/business\/privatization-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/314.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":588254,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/08\/a-saudi-suitor-for-heliopolis-housing\/","url_meta":{"origin":579080,"position":4},"title":"A Saudi suitor for Heliopolis Housing?","author":"enterpriseam admin","date":"8 June 2023","format":false,"excerpt":"A Saudi takeover in the cards for Heliopolis Housing? Heliopolis Housing and Development (HHD) has denied reports in the local media that Saudi real estate developer Alameriah is offering to buy a 70% stake in the company for USD 400 mn, Asharq Business reports. HHD said it hadn\u2019t received any\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/401.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":604304,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/08\/29\/state-insurance-fund-wants-to-buy-heliopolis-housings-heliopark\/","url_meta":{"origin":579080,"position":5},"title":"State insurance fund wants to buy Heliopolis Housing\u2019s Heliopark","author":"enterpriseam admin","date":"29 August 2023","format":false,"excerpt":"NOSI wants Heliopark: The state-owned National Organization for Social Ins. (NOSI) has submitted an offer to buy 100% of the land allocated to the Heliopark project from Heliopolis Housing and Development (HHD), a government source told Enterprise yesterday on condition of anonymity. The state-owned real estate developer yesterday confirmed in\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/8\/1328.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=579080"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/579080\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/579068"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/579081"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=579080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=579080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=579080"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=579080"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=579080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}