Sodic signs EGP 1.7bln construction contracts for its flagship EDNC
The leading real estate developer Sodic has so far signed 1.7 billion pounds in contracts with construction firmsin its Eastown District New Cairo (EDNC).
In addition, the company is on track to begin delivering units in its Eastown District New Cairo (EDNC) complex in 2021, the company said in a statement.
The company also said that over 50 percent of the construction work has now been completed.
As the commercial component of Eastown, EDNC is the company’s first non-residential offering in East Cairo, and will provide 90k sqm of commercial and retail space.
Sodic Managing Director Magued El Sherif said the project falls into a larger strategy of retaining non-residential assets to facilitate recurring income, and that “EDNC will serve as the cornerstone of SODIC’s recurring income portfolio.”
The development is partially financed by CIB, which provided a 1 billion pounds loan for the project