Egyptian developer Six of October Development and Investment Co. (SODIC) may start two housing projects in Syria by the end of this year, a senior executive told Bloomberg.
“There is huge potential in Syria,” Ashraf Farid, the company’s operations director, said in an interview. “We are looking to launch a couple of projects towards the end of the year, early 2011.”
SODIC plans to begin its first development in Syria on 500,000 square meters (5.4 million square feet) of land, Farid said. It will also complete a project already started by Damascus-based Palmyra Real Estate Development Co., in which SODIC bought a 50 percent stake for $40.5 million in June.
SODIC’s Syria unit has a land bank of 2.9 million square meters, representing 19 percent of the company’s total, Farid told Bloomberg.