Sixth of October Development & Investment Company (SODIC) has over 25 years of experience in the Egyptian real estate market and always plans to expand in various places. Hence, Invest-Gate meets Magued Sherif, Managing Director of SODIC, reviewing the company’s future plans, acquisition offers, and targeted sales.
In fact, after its acquisition by Aldar Development, SODIC plans to pump large investments to establish various projects within a year and a half or two years. Additionally, Aldar sets a plan to support the growth of SODIC and aims to achieve sales of EGP 14 bn in 2022.
Sherif points out that SODIC depends on securitization as one of the financing alternatives. Securitization is always based on the interest rate or the discount rate and aims to expand and implement the company’s plans.
As part of its overall strategy, SODIC seeks to expand in Egypt’s real estate market, whether through establishing new projects and cooperating with large companies, or acquiring companies and lands. Sherif notes that SODIC submitted a non-binding offer with a fair price to acquire Madinet Nasr Housing and Development (MNHD), but the offer was rejected by the general assembly and the company’s board of directors. Currently, SODIC is considering other opportunities to acquire private or public companies.
SODIC’s business results are very promising, as the company aims to expand in the local market by using the latest technology.
Moreover, SODIC offers semi-finished and fully finished units to meet the clients’ needs and suit their purchase power. It also seeks to apply sustainability in its projects by pumping the necessary investments to raise the efficiency of the projects.
Despite the difficulties and challenges of the real estate market, SODIC evaluates all its projects separately to cope with the increase in construction prices and raw materials. Alike, the company is keen on adding a reasonable increase to its projects. Not to mention, the company achieved EGP 1 bn and 290 mn in contracting investments during H1 2022.
As for its recent projects, SODIC was able to convert a plot into a residential community full of life in a record time. It relaunched its New Zayed project which now spans 464 acres after being re-master planned due to the modification of the shape and size of the land of New Zayed city at large.