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Monday, 24 April 2017

SODIC contracted sales up 64% y-o-y in 1Q2017 to EGP 1.2 bn

SODIC booked net contracted sales of EGP 1.2 bn in 1Q2017, a 64% leap over the same period last year, according to an EGX filing (pdf). “Net contracted sales grew on the back of three launches with EGP 1.7 bn worth of inventory introduced in February and March of 2017. The first quarter of 2017 saw the launch of two new projects: One16, a premium apartment offering in SODIC West; and October Plaza, launched on the 30 acre plot in 6th of October. In addition a new phase of Eastown Residences in New Cairo was launched in March,” the company added in a statement (pdf). Said SODIC CEO Magued Sherif: “This has been a good start to the year with a very fluid economic situation in the backdrop, once again reflecting the resilience of the Egyptian real estate market and the depth of genuine demand.” SODIC also delivered 399 units in 1Q2017, up from 102 units in 1Q2016.

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