Egypt's Heliopolis Housing company says time not appropriate for land sales. (Photo file)
Egypt's Heliopolis Housing is expected to offer two projects in Cairo's Heliopolis and El Obour districts, according to financial daily newspaper Al Mal. The projects will comprise 11 residential buildings, each home to 116 units.
Heliopolis Housing will also freeze land sales until the land and real estate market recovers, the report said.
The real estate developer saw its net profit fall 17 per cent to LE125.6 million in the full year to the end of June, according to a statement in early November.
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The majority state-owned firm, which is one of Egypt's oldest home builders, reported profits of LE151.m in the 2009-2010 fiscal year.
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