Sixth of October Development and Investment (SODIC) has announced plans to pump EGP 5.15 bn worth of investments into its development projects during 2019, Invest-Gate reports.

The property developer has decided to allocate EGP 3.7 bn for construction works and around EGP 1.45 bn for land purchases during 2019, SODIC’s Managing Director and Board Member Maged Sherif told journalists on March 27, on the sidelines of Cityscape Egypt.

Sherif further noted that such investments come in line with the company’s plans to launch the first phase of its joint development with the government by the fourth quarter of 2019 or the first quarter of 2020.

In 2018, SODIC invested EGP 2.4 bn and EGP 791 mn in construction works and land purchases, respectively, he said, revealing that the developer has disbursed EGP 1.5 bn of its total EGP 3.2 bn bank loans.

As for the company’s 15-mn-square-meter land bank, the managing director pointed out that 7 mn square meters have not been utilized yet, but and will be developed over a 12-year period.

Moreover, SODIC is considering the launch of new projects in the Nile Delta and Upper Egypt, he added.

Cityscape Egypt 2019, the country’s largest networking exhibition, was held from March 27 to 30 at Egypt International Exhibition Center (EIEC), east Cairo, witnessed an expanded portfolio of exhibitors and a number of new project launches. More than 60 companies, including industry heavyweights and first-time participants, showcased their flagship projects, with a full gamut of new-to-market real estate solutions at the four-day property show.