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The project planned for the site is expected to generate over $6.98bln in sales Egypt - Sixth of October for Development and Investment Company (SODIC) has signed a revenue-sharing agreement with Rula for Land Reclamation to develop a 1,000-feddan land plot in New Sphinx City, located in West Cairo. The strategically situated plot lies at Kilometer 54 in New Sphinx City, just 15 minutes from SODIC West, the company’s flagship mixed-use development in the area. The project planned for the site is expected to generate over EGP 353bn in sales. Under the terms of the agreement, Rula will receive a 21% share of the project’s revenues, with the remaining 79% allocated to SODIC. Commenting on the deal, Ayman Amer, SODIC’s General Manager, stated: “The 1,000-feddan plot is an exciting addition to SODIC’s portfolio in West Cairo, a market where SODIC has always held a strong fort as a distinguished developer of upscale homes. The newly acquired plot has doubled SODIC’s undeveloped land bank from 4 million sqm to over 8 million sqm.” The agreement reinforces SODIC’s position as a key player in the West Cairo real estate market and underscores the company’s strategy to expand its land portfolio in high-growth areas. |
