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Wednesday, 1 September 2021

SODIC prepares to restart sales, collections on 500-acre West Cairo plot

SODIC is looking forward to the “imminent” resumption of sales and collections on a 500-acre plot in West Cairo’s New Zayed, a senior company official tells us. The upmarket real estate developer paused both collection and new sales earlier this year on the plot (pdf) after the Housing Ministry proposed moving it to a new location. SODIC is developing the land in partnership with the New Urban Communities Authority (NUCA).

Why the change? It is necessary because of changes to “New Zayed area plans at large,” SODIC said in a disclosure (pdf).

The new plot, which is pending approval from NUCA’s board of directors, is a bit smaller at 440 acres — and probably better for SODIC. “The adjusted plot partially overlaps with the original plot and spans 440 acres, but with a higher efficiency that should allow for an increase in sellable BUA without compromising the project’s features. The new land plot also enjoys better connectivity with the infrastructure being developed in the area” — and is closer to SODIC West, the company official said.

“Existing clients will be relocated in a way that meets the criteria on which they bought,” the official said, adding, “The new plot, though slightly smaller, has better efficiencies due to its shape and existing infrastructure, thus safeguarding the offering while not compromising returns. We are excited about the change and look forward to resuming sales and collections imminently.”

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