Sixth of October Development and Investment Company (SODIC) announced on August 28 that its fully-owned subsidiary, Al Yosr for Projects and Agricultural Development, has received approval for the masterplan of its latest project in New Zayed, west Cairo, Invest-Gate reports.
Commenting on the news, SODIC’s Managing Director Magued Sherif, “This positive development paves the way for the launch of our signature project ‘The Estates’ in the fourth quarter of 2019, with total sales expected to exceed EGP 7 bn over a period of eight years.”
Submitted to the New Urban Communities Authority (NUCA) for the nod, The Estates’ masterplan boasts about 500 upscale single-family homes, ranging from exclusive one-story villas to townhouses, covering 630,000 square meters of land. It is located on Cairo-Alexandria Desert Road, only five kilometers away from SODIC West.
“This adds significant visibility into SODIC’s inventory pipeline in West Cairo where we build on the positive legacy created in the area, through the success of SODIC West,” Magued further noted.
In July, SODIC and NUCA have agreed on changing the land use of an agricultural plot, located in Sheikh Zayed and owned by the former’s subsidiary, Al Yosr for Projects and Agricultural Development, to residential.