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Sunday, 3 June 2018

Heliopolis Housing reaches EGP 15 mn settlement agreement with Magic Dreams

The Heliopolis Company for Housing and Development (HCHD) announced on Thursday (pdf) reaching a EGP 15 mn settlement agreement with Magic Dreams on the dispute related to the development of Merryland Park. HCHD has already received EGP 5 mn of the amount and is expecting to receive a similar payment 10 days’ time. The remaining EGP 5 mn will paid over four monthly installments, under the terms of the agreement. The companies had come to a preliminary understanding in February last year, where HCHD agreed to allow Magic Dreams to finalize the development of the Merryland Park, with the Defense Ministry acting as financial guarantor. They also signed two new leasing agreements for the park later the same year, which allowed Magic Dreams to settle its debts to HCHD at a 7% interest rate over the course of four years starting 1 October 2017.

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