By Waleed Abd El-Salam
Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) will start developing residential and commercial project in New Heliopolis City within nine months, said Ahmad Almashati, Investor Relations Officer at Heliopolis Company for Housing and Development.
Earlier, the property developer announced it has been awarded a land plot from Heliopolis Company for Housing based on landscape partnership scheme, to establish a residential and commercial project over 655 acres.
“SODIC is still hands on the project’s schemes” said Almashati, adding “yields are estimated at a minimum of EGP5 billion”.
SODIC will receive 70% of the revenues of the project's residential units, while Heliopolis Housing will be entitled to the remaining 30%.
As for the commercial units, SODIC will receive 69.8% of revenues, while Heliopolis Housing will receive 30.2%.
Heliopolis Housing earlier reported net profits of EGP 51.3 million for the first quarter of the fiscal year 2015/16, down from EGP 91.2 million in the same quarter a year earlier.
On other hand, SODIC saw an increase of 111.9% to EGP 232.5 million in net profits for the first nine months of 2015.
