Sodic Predicts Delivery of 900 Units, 15% Price Increase Next Year

Thursday, 3rd November 2016

Sodic projects that it will deliver 900 residential units by the end of the year, and that property prices will increase by 15%, but that this will not impact stable demand on real estate in the market, Al Borsa reported.

The company has made progress on its 2016 sales plan, and looks forward to major revenues from its partnership project with Heliopolis for Housing & Development, with which it will construct a project that is set to be built on 2.7 mn square meters in east Cairo. Sodic is set to receive 70% of the revenues from the project.

The research department at Naeem Holding for Investments stated that Sodic will maintain a strong annual budget and is able to implement high quality projects, which will result in strong revenues, and issued a Buy recommendation on the company’s shares.

The company seeks to record EGP 300 mn in recurring revenues over the next five years, relying on its Eastown project for the lion’s share of revenues.

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