Sales at the co-development project between SODIC and Heliopolis Housing are set to be launched in early 2017, Hany El-Deeb, Chairman of Heliopolis Housing, confirmed in an interview with Al Borsa. The project, spread over 655 feddans, will include 8,600 residential units and will be completed over four phases. El-Deeb confirmed that Heliopolis Housing’s share in the project is set at a minimum of EGP5.01 billion and may reach up to EGP10 billion, when price escalations are considered. Costs to be incurred by the company for infrastructure works amount to cEGP590 million.   The launch of the co-developed project with SODIC will represent a concrete step towards the migration of the company’s business model from its original business to the off-plan sales model, which would allow for a faster monetisation of value, in our view. We reiterate our Buy rating on Heliopolis Housing, which offers a wide upside of 46% to our FV of EGP74.4/share, despite the heavy 70% discount applied to our NAV. (Al Borsa, Mai Attia, Sara Boutros)