SODIC Announces Full Repayment of Solidere International Settlement

Big 5

Egyptian property developer SODIC informed Wednesday the Egypt’s stock exchange (EGX) that it has repaid the rest of the settlement for Solidere International as pursuant to an amicable agreement signed earlier this year.

The agreement included cancellation of Solidere International’s development of part of West Town project, which led to the return of a land plot to SODIC, and adding 250,000 cubic meters to the firm’s land plot portfolio.

The land plot is located in the heart of West town project which has a total of 1.2 million cubic metres, said the company’s Chief Commercial Officer Ahmed Labib.

Labib expected EGP 1.3 billion revenues after its development from the expected contracts.

West town project is located on Egypt-Alexandria desert road, includes a set of real estate projects.