The Sixth of October Development and Investment Company (SODIC) has announced that the Sheikh Zayed City Development Authority has accepted an offer from SODIC’s fully owned subsidiary Al Yosr for Projects and Real Estate Development to acquire a 123-feddan land plot adjacent to the company’s compound “The Estates” in West Cairo.
The plot will serve as an extension to SODIC’s upscale signature development “The Estates”, launched in September 2019 and has since recorded some EGP 2.5bn in gross contracted sales.
The new plot is expected to add circa EGP 10bn of gross contracted sales to the projects pipeline over the next 6 years. The Sheikh Zayed City Development Authority has accepted the offer for the plot at a price of EGP 2,385 per sqm of land, amounting to a total land cost of EGP 1.24bn, payable over 6 years.
The acquisition of the plot adds some 518,000 sqm of land to SODIC’s high quality land bank of some 5.6 million sqm.
Commenting on the land acquisition, SODIC Managing DirectorMagued Sherif said, “We are excited to add this plot to our land bank and to expand on our signature project. The addition will enable us to add more amenities and features to the project, creating value for existing as well as new homeowners. At almost 300 feddan, The Estates will be a well-served upscale community, an offering we excel in as is evident in our fully delivered projects Allegria in SODIC West and Caesar on Egypt’s North Coast.”
