By: Ahmed Allam
Cairo – Mubasher: Six of October Development and Investment (SODIC) plans to launch four new projects with investments valued at EGP 34 billion and sales of EGP 50 billion over ten years.
With a land portfolio of 15 million square metres, SODIC has developed 8 million sqm since its launch and aims to develop the remaining 7 million sqm in the coming ten years, the company’s CEO Magued Sherif told Mubasher.
The real estate developer has a wide range of lands spread across Egypt and eyes investment opportunities in Delta, Upper Egypt, Red Sea, and Ain Sokhna, Sherif added.
New Administrative Capital
SODIC awaits the right timing to invest in the new capital, Sherif revealed, noting that the company has some reservations on the pricing of lands.
Target investments
The property developer aims to sign contracts worth EGP 7.2 billion in 2019, the CEO remarked.
During the second half of 2019, SODIC plans to offer units in Al Yosr land as well as residential apartments in Sodic East New Heliopolis.
The company also targets investments of EGP 5.2 billion during the year, including EGP 3.8 billion in capital investments and EGP 1.4 billion in land installments, after spending EGP 2.1 billion in H1-19.
Strong financial position
SODIC enjoys robust financial position as it has spent EGP 2.1 billion out of the total EGP 3.6 billion credit facilities in current projects.
Twenty years ago, the company has started working in Sheikh Zayed where it has developed 15% of the urban city.
About 95% of a total area of 1,500 feddans hosting more than 15,000 people has been developed by SODIC, he added.
Out of the total 300 feddans in New Zayed, SODIC has waived 150 feddans to the New Urban Communities Authority (NUCA), Sherif noted.
