Egypt’s real estate developer SODIC closes Q1FY2017 with contracted sales bookings worth EGP 1.2 bn, demonstrating 64% growth, Invest-Gate reports.
“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,” SODICS’s CEO Magued Sherif comments.
This growth is based on three inventory launches worth EGP 1.7 bn in February and March 2017. These are One16, a premium apartment offering in SODIC West, October Plaza, a 30-acre land plot in 6th of October and a new phase of Eastown Residences in New Cairo.
The three launches displayed solid performance with sales growth, reflecting both volume and price increases. The company reported the contracting of 340 units compared to 227 for the same period last year. In addition to upped volumes, a 20% to 30% increase in pricing post devaluation boosted sales for the quarter. Cancellations remained low at 5%.