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Wednesday, 22 July 2020

SODIC awards EGP 1.2 bn in contracts at flagship SODIC East development

Upmarket real estate developer SODIC has awarded EGP 1.2 bn in contracts at its flagship SODIC East development to date since breaking ground on the project in 2018, according to a statement (pdf). More than 65% of the development’s single family homes now have a complete concrete skeleton, the statement says. Delivery is set to begin on schedule at the start of 2021 and infrastructure work is underway, SODIC boss Magued Sherif said. Sodic is positioning the community as an alternative for younger professionals seeking a “quality lifestyle” who have been priced out of the market in New Cairo. The master plan for the 655-acre development was designed by Massachusetts-based firm Sasaki.

In other news of SODIC: Act Financial, Concrete Plus raise their holdings in SODIC: Act Financial has increased its stake in SODIC to 3.2% while Concrete Plus Engineering and Construction now holds 1.75% of the company and Mohamed Hassan Allam a 0.27% stake, according to Al Mal. Act Financial is itself reported to be in the process of completing a EGP 100 mn capital increase with plans to make purchases in real estate, health and logistics companies during the coming period.

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