SODIC eyes 57.8 bln pounds revenues from New Heliopolis’ project

Egypt’s property developer firm, Sixth of October for Development and Investment  SODIC  targets revenues of 57.8 billion Egyptian Pounds ($3.2 billion) from SODIC East project over 10 years.

The 655- feddan project is to be developed in partnership with the country’s state-run Heliopolis Company for Housing and Development (HELI), and it would be comprising 8,500 residential units.

Almost 348 units of SODIC East’s first phase were sold out and booked with total  value of  1.8 billion Egyptian Pounds, the company said.

The success of the project’s first phase would contribute with achieving target contracts of 5.6 billion pounds for its  clients during 2017. The company has already sealed contracts of 1.5 billion Egyptian pounds so far.

Managing director of SODIC Majid Sharif had previously said that SODIC achieved sales of 1.8 billion pounds  from its project SODIC East in New Heliopolis.

On the  other hand, SODIC consolidated financial results during the third quarter of 2017 revealed the increase in its profits by 52.9 percent year-on-year as a result of growth in revenues.