The Sixth of October Development and Investment Company (SODIC) has reported that its gross contracted sales rose 2% year-on-year (y-o-y) to reach a new company record of EGP 7.4bn.
The figures account for the sale of 1,361 units, with residential sales growing a strong 19% y-o-y, recording EGP 7.2bn in 2020.
The results deliver on the company’s strategy to grow residential sales, while retaining prime commercial assets for lease. Non-residential sales accounted for 3% of SODIC’s gross contracted sales in 2020, versus 17% in 2019.
SODIC’s projects in West Cairo drove solid sales in its next generation projects namely The Estates, VYE, and the most recently launched Karmell. Its West Cairo developments accounted for 61% of gross contracted sales in 2020.
At the same time, the company’s East Cairo projects contributed 39% of the year’s gross contracted sales, mainly driven by Villette and SODIC East.
SODIC also announced its delivery of 1,162 units during 2020, meeting its announced guidance for 1,150 unit handovers. Despite the challenging conditions arising from the novel coronavirus (COVID-19) outbreak, the company continued construction after taking the necessary precautions to ensure health and safety standards on construction sites were met.
Deliveries were driven by East Cairo projects, namely Eastown Residences and Villette, making up 46% and 13% of delivered units, respectively. The company’s West Cairo projects accounted for 36% of the company’s 2020 handovers.
SODIC’s Managing Director Magued Sherif said, “The company’s proven track record, strong financials and disciplined approach have allowed us to safely weather a very difficult year.”
He added that the company is pleased to deliver a strong set of results, which comes as a testament to SODIC’s credibility and leadership in the market.