Six of October Development and Investment (Sodic) announced that it will deliver phase II units of Eastown projects in New Cairo in July 2016, Al Mal reported.
The project spans over 2,014 acres and includes 206 buildings of 2,509 duplex units, according to Managing Director Maged Sherif. A number of 31 buildings were completed and are ready to be delivered, while another 107 are in progress and 56 are being finished, he added.
The 1st phase was executed over an area of 69,000 square meters, last August. It includes 35 buildings of 280 units, 40 of which were delivered. The 2nd phase started in January, 2014, to spread over 49.000 square meters to include 17 buildings which include 408 residential units and will be delivered in July, Sherif continued.
Phase 4 started in November, 2014 over 101,000 square meters which include 28 buildings of 510 apartments, to be delivered in May 2017, Sherif said, adding that phase 5 started in August of 2015, over 42,000 square meters for 21 buildings and include 210 duplex apartments, and will be delivered in September, 2017.
The project also includes a mall and office spaces over 79,000 square meters, and a recreational club over 23,000 square meters to be executed next September, Sherif announced.
The project investments have reached EGP 1.23 billion, while sales harvested EGP 1.8 billion of 138 buildings which include 1,800 units, 248 of which are ready to be delivered, Sherif said, according to Al Borsa.
The meter is worth EGP 11,500 – 14,000 per square meter, however prices are expected to rise by 10% due to the EGP diminishing value against the dollar and the inflationary rate increase. The company’s net sales for the first quarter of this year reached EGP 674 million, Sherif announced.
The company is also planning on gaining 0% of its revenues of commercial spaces through leasing.