SODIC Says to Establish 600 Units worth EGP870 mln in Eastown

The Sixth of October Development and Investment Company ‘SODIC’ has approved to establish 600 residential units worth EGP870 million after launching three phases of Eastown Residence, the residential part of the project in New Cairo owned by SODIC and its affiliated real estate projects ‘SOREL’.

SODIC has achieved the total sales exceeding EGP1.81 billion during the first six months of the current year, reaching EGP1.64 billion of the company’s net sales, compared to the sales of 2012 which amounted to EGP1.6 billion.

The company revealed the approval of the New Urban Communities Authority (NUCA) of the detailed planning of all the phases for the Eastown Residence project. The company has obtained the construction licenses of all the sold units, in addition to signing a number of contracts with contractors to establish the project.

The net income of SODIC’s activity during the second quarter of this year is EGP327 million, which means it has been increased by 152% compared to the first quarter, which during this period reflects the increased rates of delivering units of Katameya Plaza project, which reached 100 units, as well as 64 units of Allegria project that have been delivered, bringing together the total delivered units reaching more than 880 units since 2010.

The company also has illustrated that the total delivered units in the Q1 of the current year amounted to 212 units worth EGP437 million, noting that it is expected that the Q2 of this year will witness a remarkable increase in delivering units for different projects of the company (Forty West, The Polygon, The Strip, CASA, Westown Residence)

The total profit during the second quarter of this year has reached EGP99 million, with30% gross profit margin, 13% net profit margin compared to the 5% in QI ,due to the increase of company’s revenues and profits during Q2.

The company also achieved the total revenue of EGP456 million during the first half of the current year, where it succeeded to achieve net profits worth EGP49 million.

It is noteworthy that Eastown is situated on Road 90, in the New Cairo and Kattameya. Eastown is built on 860,000 square meters of land, as it provides approximately one million square meters of premium residential, retail and office space.