Latest in Highlight
About 40,000 sqm of commercial BUA are expected to come on line in FY 2020/21
Inspired by the Californian town Carmel-by-the-sea, Karmell is designed as a small town themed around easy living.
This plug and play concept enables clients to start their business with no initial investment, making for an accessible, efficient and hassle-free experience.
Tawasol’s first school provides Ministry of Education certified learning, along with vocational training and an expanded performing arts programme,
SODIC is currently studying the best offers provided by contracting companies to begin construction works in the project.
The company’s projects in west Cairo accounted for 60% of total gross contracted sales during the period driven by the strong performance on the next generation projects. VYE contributed 37% of sales, and the Estates contributed 10%. East Cairo made up 39% of the period’s gross contracted sales, with Villette generating 24% and SODIC East contributing 10%.
Since breaking ground, SODIC has awarded over EGP 1.7bn worth construction contracts in Eastown
Launched in 2014, Villette will cover an area of 301 feddans. SODIC has delivered about 600 units, with delivery of units in the project’s first phases having started in 2018. Villette is comprised of single family homes as well as high end apartment buildings.
‘We invest in our brand by focusing on safety, comfort of our customers, says Magued Sherif
Gross contracted sales of residential units reported at EGP 1.83bn in H1 of 2020
The contract relates to 655 feddan in New Heliopolis City, according to which HHD would receive 30% of the project’s revenues. This figure is based on changes in general economic conditions, and the extent of the project’s impact on the real estate sector.
Daily News Egypt sat down with Sherif to learn more on the company’s plans and vision regarding Egypt’s real estate market.
During a site visit to SODIC East, Sherif said, “Since breaking ground in 2018, SODIC has awarded over EGP 1.2bn in construction contracts
The all-new 4-in-1 villa delivers on four main criteria usually only available in mansion living but which have been made available in attainably sized homes.
Company has EGP 7.7bn liquidity sources, of which EGP 2.7bn is in cash and equivalents
The company said that total gross profits reached EGP 114m during 1Q 2020, implying a gross profit margin of 26%, compared to EGP 270m and a margin of 29% during 1Q 2019.
Real estate developer commissions 50 Patient Isolation Units, equips another 21 in cooperation with Ministry of Health
The move comes as part of stepped up efforts in combating the coronavirus outbreak by joining the global community in creating awareness about the pandemic and attempting to curb its spread.
Company eyes gross contracted sales EGP 8.4bn – a growth of 15%, says managing director
HC forecasts point to future cash collections of EGP 18.0bn over 2020–27e from launched projects, of which EGP 10.9bn are related to outstanding receivables.
EDNC is designed as an office and retail complex and is developed with a focus on sustainability where the buildings’ form and facade are proportioned to provide ideal day-lighting through the optimum organisation of office space to encourage a healthier and productive environment by reducing its carbon footprint.
SODIC had signed the partnership agreement for the 500-feddan plot with the NUCA in March 2019. Since then, the company has been awarded the ministerial decree and launched the first neighbourhood of the project “VYE” which achieved over EGP 1bn in booked sales.
The developer had launched VYE, bringing to the market the expandable apartment within a multi-family building branded “Neo”, and also introducing “Sol” the first solar powered town and twin homes in Egypt, which proved to be a big hit among buyers.
SODIC East project comprises low rise five floor apartment buildings with open views from every apartment, designed around a 4,000 sqm green community park with buildings connected through quaint pedestrian alleyways.
SODIC had broken ground last year following the successful launch and selling out of EGP 2bn worth of single-family homes in SODIC East, which has launched its next phases, now under construction, and is progressing ahead of schedule on track for delivery starting November 2021.
The company has seen great interest from real estate developers, and the prospectus to be issued in December, says El-Deeb
The Estates project to be launched in September
Magued Sherif, SODIC’s Managing Director said that this positive development paves the way for the launch of the company’s project “The Estates” in the last quarter (Q4) of 2019, with total expected sales exceed EGP 7bn over eight years.
Gross profit grew 23% to hit EGP 630m during the period, reflecting a gross profit margin of 31%.