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SODIC targets coastal investment before 1H of 2015 - Daily News Egypt

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SODIC targets coastal investment before 1H of 2015

Company eyes both Ain Sokhna and the North Coast

Sixth of October Development and Investment Company (SODIC) hopes to confirm an investment in a coastal location before the first half of 2015, SODIC Managing Director Ahmed Badrawi told Daily News Egypt.

On which is more preferable, Ain Sokhna or the North Coast, Badrawi said that “if I (SODIC) was offered plots of land on both, I would take them both”.

“We are seeking some coastal opportunities, and eventually secondary cities such as Alexandria and Mansoura,” Badrawi said in an interview.

Currently, the company’s unutilised land is about 3.5m sqm; around 600,000sqm in Westown and approximately 600,000sqm in Eastown, and around 1.3m sqm in Villette, and the Al-Yosr land, which is around 1.2m sqm.

The company announced that it plans to invest EGP 2.3bn in 2015, of which 1bn will be directed to contracting and actual development. The company expects to inject EGP 400m or EGP 500m more into new projects.

“This will go mostly into increasing the size of investment and acquiring new lands, as well as developing those projects,” Badrawi said.

Cash flow for the upcoming five years from the three main projects the company has – Eastown, Westown and Villette – is expected to be EGP 17bn. Expected cash flows can come from phase II from Forty West, and phase II for the Courtyard, the newest residential project at Westown.

The value of signed contracts in 2015 to record is EGP 4.1bn, compared to EGP 3bn the previous year. The company recently announced it is launching phase II in the Courtyards.

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