The Six of October Development & Investment (SODIC) plans to direct EGP 3.7bn in projects’ constructions in 2019, according to its Managing Director and board member, Maged Sherif.
Sherif told Daily News Egypt that the company is pumping EGP 1.45bn for paying lands’ cost in 2019.
Additionally, Sherif noted that the company has invested EGP 2.4bn in construction works in 2018, while land purchases accounted for EGP 791m in 2018.
He revealed that the company has EGP 3.2bn bank facilities, and the company has disbursed EGP 1.5bn of the total amount of these facilities.
Furthermore, the company plans to launch the first phase of its new co-developed project with the state in the last quarter (Q4) of 2019, or Q1 of 2020, Sherif revealed.
The company’s land bank registers at 15m sqm out of which 7m have not been developed yet, and will be developed over a 12-year period, he disclosed.
Moreover, Sherif added that SODIC is considering launching investments in the Delta and Upper Egypt.
He unveiled that the company did not start the development of its land in Syria over 3,000 sqm, expecting the improvement of the political situation in the country during the coming period.