SODIC has signed an agreement to develop a 440-acre land plot on the North Coast in partnership with Al Safy Group, Invest-Gate reports.

The land is located at km 83 of Alexandria – Marsa Matrouh Road, 1 km east of SODIC’s Caesar project, with an 800 m of sandy beachfront. It will yield an estimated EGP 80 bn in sales over the next 11 years.

The revenue share deal gives Al Safy Group a 27% share of the project’s revenues in exchange for the land, demonstrating SODIC’s ability to create value for stakeholders.

Ayman Amer, SODIC’s general manager, said the deal “adds a third project to SODIC’s portfolio on the North Coast, cementing SODIC’s presence in this key market. “The 440 feddan plot is a great addition to SODIC’s landbank and project portfolio,” adding that ” This agreement brings SODIC’s undeveloped landbank to over 6 million sqm and adds a third project to SODIC’s portfolio on the North Coast, cementing SODIC’s presence in this key market as a distinguished developer of upscale second homes.”