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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%.
Westown HUB, SODIC’s 8,000 sqm neighbourhood mall, is directly adjacent to the Polygon Business Park, and its solar powered parking sheds are planned to generate enough clean energy to cover 95% of the head quarter’s energy needs
Company plans to offer second phase of Malaaz North Coast project in July, says managing director
Company disburses EGP 1.8bn out of EGP 3.2bn worth credit facilities
According to the press statement, the strong growth in revenues was driven mainly by Villette which contributed to circa 50% of the delivered value.
Egypt-based leading property developer planning to launch Six West project
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 …
Government exerts substantial efforts to internationally promote Egypt’s real estate sector
Company requested to respond to inquiries to ascertain its legal position, noting that these issues refer to contracts signed over 20 years ago
The declared acquisition will be conducted through direct equity swap only
Company projected to generate around EGP 15bn in sales within seven years
Synergy between two companies to enhance Egypt’s real estate sector