SODIC signs 308 feddan revenue share deal on Egypt’s North Coast
CAIRO – 11 March 2018: Real estate company SODIC signed two revenue share agreements for two adjacent plots with a total land area of 308 feddans on the Mediterranean North Coast of Egypt, a statement from the company said Sunday.
Strategically located at kilometer 94 of Alexandria – Marsa Matrouh road and directly off the new Dabaa road exit, the plot is 8 kilometers east of “Caesar”, SODIC’s first project on the North Coast.
The plot has a sandy beach of over 600 meter and topography with natural elevations up to 75 meters above sea level.
The 308 feddans are expected to generate total sales of LE 15.2 billion and come in line with SODIC’s growth strategy and expansion plans in second home markets.
The agreement provides the land owner with a 28 percent share of the project’s revenue generated from the sale of units, while the balance represents SODIC’s share with no minimum guarantee to the landlord.
“We are very excited about this partnership that has significantly added to our North Coast land bank and second home offering. The North Coast is a very active market and we look forward to bringing this project to the market during the summer of 2018,” SODIC’s Managing Director Magued Sherif said.
SODIC will start delivering the first phase in the first quarter of 2018 ahead of its contractual delivery commitment.
Listed on the Cairo Stock Exchange, SODIC is currently developing a number of diversified projects in Egypt.
The company’s developments range from residential, retail, commercial and large scale mixed-use city centers in east and west Cairo and Egypt’s north coast.