SODIC Registers EGP750 mln Sales in Q1

Egypt-based developer SODIC registered remarkable gross contracted sales of around EGP 750 million for the first quarter of 2014.

Such figures support the Sixth of October Development & Investment Company – SODIC (OCDI.CA)’s 2014 estimated budget, which targets volume of sales exceeding EGP 2.7 billion, said Executive Director of Operations Ashraf Farid on Tuesday.

“2013 was an extremely positive year for SODIC with record-breaking results in terms of sales, collections, deliveries, and new project launches,” Farid noted.

SODIC reported EGP 2.7 billion in new sales across more than  1.400 units. SODIC reported highest number of deliveries, with 680 units delivered showing a 55% growth yoy.

The momentum continued into 2014 with strong Q1 net contracted sales and the resolution of all legal disputes.

Moreover, Farid stated that in Allegria – SODIC’s flagship project – deliveries reached over 1,000 units worth some EGP 2.9 billion, of which 256 units were delivered over the course of 2013. Deliveries of Kattameya Plaza reached 284 units, with over half of the residential project delivered. Deliveries also entailed 61 units in The Polygon Business Park, 11 units in Forty West, 24 units in CASA, 8 units in The Strip and 34 units in the first phase of Westown Residences, delivered one whole year ahead of schedule – a record breaking two years since launch in December 2011.