Cairo – Mubasher: Sixth of October for Development and Investment (SODIC) on Sunday announced it has signed a comprehensive settlement with the Illicit Gains Authority (IGA).
Upon the agreement, SODIC will pay EGP 800 million as a settlement for the company’s 1,400-acre land plot in Sheikh Zayed, according to a statement to the Egyptian Exchange (EGX).
The Egyptian real estate developer will pay a sum of EGP 250 million in cash while signing the settlement contract, SODIC indicated.
The company will reimburse the sum through four installments at a total value of EGP 550 million, according to the statement.
Around EGP 169.5 million will be settled on 1 March 2019, and EGP 169.5 million will be paid next September, SODIC added.
Moreover, the company is set to settle EGP 105.5 million next December, and a further EGP 105.5 million in December 2020.
In November, SODIC said it was looking to launch its project established on Al Yosr land in Sheikh Zayed for sale in 2019.
The final regulations approved by the New Urban Communities Authority (NUCA) regarding the 300-acre land plot would allow the company to complete the general work of the project.
