The Sixth of October Development and Investment (SODIC) intends to invest EGP 17bn in its latest development, SODIC East, in New Heliopolis. The company expects to achieve about EGP 44bn in sales, according to Managing Director Magued Sherif.
During a tour designed for journalists inside SOCID East, Sherif said that the project’s master plan was designed by Sasaki, which designed the master plan of the American University in Cairo.
SODIC is currently studying the best offers provided by contracting companies to begin construction works in the project.
Spanning over 655 feddan, SODIC East introduces a full-fledged, evolved, world-class destination on the East, located between two of Cairo’s main throughways, The Cairo Suez and Cairo Ismailia roads, directly adjacent to Al-Sherouk City, and in close proximity to the New Administrative Capital.
The project is a full-service residential project and includes all services inside, in addition to a new and different entertainment area. It comprises 3,000 villas and 1,909 apartments, Sherif noted.
He further pointed out that SODIC East is developed in three phases. The first phase spans over 241 feddan, and consists of 928 villas and 780 apartments. The second phase extends over an area of 225 feddan, and encompasses 1,232 villas and 612 apartments. The third phase covers an area of 189 feddan, and includes 920 villas and 517 apartments.
The project will be developed within 10 years, but with the change of the state bodies of the Shorouk City Authority, the project was granted an additional period to be developed on 12 years instead of 10 years, Sherif disclosed.
He added that the total investments the company has directed into the project in terms of contracting contracts worth approximately EGP 1.2bnso far.
He stressed that the road network and raising the efficiency of transportation system puts the project in a better position and make its location very distinctive and easy to reach, as well as, the opening of the electric train will serve SODIC projects in east Cairo, such as Villette, Azailya, and SODIC East.
“SODIC will begin the project deliveries successively, starting from next year. Accordingly, it plans to deliver 387 units by November 2021 and 211 units by March 2022, in addition to 178 units in November 2022. The company also intends to deliver 780 units in May 2023 and 152 units in September 2025,” Sherif explained, “Additionally, the company has offered 370 apartments for sale in Azailya compound during 2019, and 178 villas were offered in 2020.”
He revealed that more than 85% of the infrastructure has been completed in the first phase of SODIC East project, and more than 84% of the concrete structures have been completed in the phase.
More than 17 contracting companies are working on the project so far, in addition to signing a memorandum of understanding with Emarat Misr to provide its services to the project.