SODIC announces that its fully owned subsidiary, Al Yosr for Projects and Real Estate Development, has received approval from the Sheikh Zayed City Development Authority to acquire the 123-acre land plot in West Cairo, Invest-Gate reports.
The new land plot will be an extension to SODIC’s upscale signature development “The Estates,” which was launched in September 2019, and has achieved EGP 2.5 bn in gross contracted sales. However, The new plot is expected to add circa EGP 10 bn of gross contracted sales to the project’s pipeline over the next six years.
The Sheikh Zayed City Development Authority has accepted the offer for the land plot at a price of EGP 2,385 per sqm of land, with a total cost of EGP 1.24 bn, payable over six years.
The acquisition of the plot adds 518,000 sqm of land to SODIC’s high-quality land bank of 5.6 mn sqm, bringing SODIC’s total un-launched land to circa 6.1 mn sqm.
“The addition will enable us to add more amenities and features to the project, creating value for existing as well as new homeowners. At almost 300 acres, “The Estates” will be a well-served upscale community, an offering we excel in as is evident in our fully delivered projects Allegria in SODIC West and Caesar on Egypt’s North Coast,” Magued Sherif, Managing Director of SODIC, comments.