Sixth of October for Development and Investment Company “SODIC”, has signed a revenue share agreement with Rula for Land Reclamation for the development of a 1,000 feddan land plot in New Sphinx City, West Cairo, Invest-Gate reports.

The newly acquired plot is strategically located at Km 54 in New Sphinx City, a mere 15 minutes away from SODIC West, the company’s flagship mixed-use development in West Cairo.

The project intended to be developed on the plot is expected to generate over EGP 353 bn in sales. The signed agreement grants Rula a 21% share of the project’s revenues, while the balance represents SODIC’s share.

The signing ceremony was attended by Eng. Ayman Amer, SODIC’s General Manager, Eng. Tony Freiji, Chairman of Rula for Land Reclamation (Friji & Partners), along with senior executives from both companies.

Ayman Amer, SODIC’s General Manager, commented on the signing: “Today’s signing marks an important milestone for SODIC. The 1,000 feddan plot is an exciting addition to SODIC’s portfolio in West Cairo, a market where SODIC has always held a strong fort as a distinguished developer of upscale homes. The newly acquired plot has doubled SODIC’s undeveloped land bank from 4 mn sqm to over 8 mn sqm.