Back to the complete issue
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.”

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.