Cairo - Mubasher: Sixth of October for Development and Investment (SODIC)announced Wednesday it has been awarded a land plot from Heliopolis Company for Housing and Development based on landscape partnership scheme, to establish a residential and commercial project.
The land plot is spread across 655 acres at New Heliopolis City.
Under the agreement, 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%.
SODIC stated that it will announce the value of the land, as well as the project's total investment costs after it signs the final contracts with Heliopolis Housing.
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.
