Egypt’s real estate developer Sixth of October for Development and Investment Company (SODIC) is planning to invest between EGP 900 mn and EGP 1 bn to expand their land bank in 2018, Reuters reports.

In an Iftar event organized by the developer on Monday, May 21, SODIC’s CEO Magued Sherif told the press that his company will start the implementation of a project in the North Coast by the end of this year or early 2019, with its units to be launched for sale this summer.

Sherif did not delve into details on where the company hopes to acquire new lands, but he has estimated that SODIC units’ prices will surge by approximately 10-15% this year.

SODIC aims to increase its revenues by 70.3% in 2018 to EGP 3.9 bn through the delivery of 1,048 housing units, according to Sherif.

SODIC and Madinet Nasr for Housing and Development (MNHD) have reportedly started talks on a potential merger back in April.

Sherif highlighted, in an earnings release issued on Wednesday, May 16, that the merger with MNHD could leverage “the strengths of the two companies in their respective target markets and accelerate the monetization of a consolidated land bank of 14 mn square meters.”