Military helicopter crash kills 3 in training exercise in NY    Dubai cancels non-essential surgery, live entertainment as COVID-19 cases surge    Real Madrid sent packing from Cup by tiny Alcoyano    Ronaldo on target as Juventus earn Supercup win over Napoli    Four-game suspension of Ahly keeper El-Shennawi cut to one    Egypt reports 789 new coronavirus cases, 51 deaths on Wednesday    UK Export Finance unlocks trade to Egypt with £1.7 billion guarantee    In Photos: AfCFTA delegation visits Egypt's Suez Canal Economic Zone    UK hospitals like war zones as COVID-19 death toll approaches 100,000    Donald Trump says goodbye to the White House    Ethiopians dying, hungry and fearful in war-hit Tigray: Agencies    BREAKING: Egypt resumes diplomatic relations with Qatar ending 4-year boycott    EFG Hermes to win fresh approval for EGP 170 mln securitized bond issuance soon    Egypt reports 899 new coronavirus cases, 58 deaths on Tuesday    Egypt's economy demonstrated resilience despite pandemic's economic repercussions, says Sisi    Egypt's newly elected parliament reviews the government reform plan    Steeling for liquidation    An inauguration like no other    Back, and better    Leading change    Happy New Year Bel Araby show at The Marquee Theatre is a must go    Isis Temple reopens    New discoveries at Saqqara    Egypt's securities issuance drops by 14.5%, financial market performance improves in 2020    Egypt sends medical supplies to help Jordan battle coronavirus    Egypt supports tourism, aviation sectors with EGP 5bn during COVID19 crisis    Egypt government allocates $1.6 billion to buy COVID-19 vaccines – FinMin    Egypt eyes gradual return for tourism after revenues fall to $4 bln in 2020    Seasoned Egyptian screenwriter Wahid Hamed dies at 76    Coronavirus strikes Egypt's youth team as 17 players, coach test positive    Nassef Sawiris plans to up his stake in owner of New York Knicks, Rangers    Cairo International Book Fair suspended for five months over coronavirus concerns    Egypt unveils largest archaeological discovery in 2020 with over 100 intact sarcophagi    Trump says won't blame Egypt for being ‘upset' over GERD dispute with Ethiopia    Egypt, Ethiopia, Sudan to resume Nile dam talks today    Global Finance: Egypt's Tarek Amer among the world's top 20 central bank governors    The Facebook Preacher's Search for Fame, and Egypt's Economy    Egypt calls on UNSC to address oil spill risks off Yemen coast    Egypt economically strong in face of COVID-19, reforms ongoing: International Cooperation Minister    Arafa Holding reports $144,000 COVID-19-related losses in April    Egypt's efforts in Libya to activate free will of Libyan people: Al-Sisi    Hyksos campaigns were internal takeover, not foreign invaders: study    COVID-19 affects Egypt sporting clubs    COVID-19 will soon turn to seasonal like swine flu: Presidential Health Advisor    ‘Egypt's Support' coalition convenes to discuss its Senate election list    Robbery attempt leads to discovery of Ptolemaic monuments in Qena    Flouting international guidance, Ethiopia unilaterally starts filling its Nile dam    Zaha speaks out after online racial abuse    

Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.

SODIC Says to Establish 600 Units worth EGP870 mln in Eastown
Published in Amwal Al Ghad on 04 - 09 - 2013

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.

Clic here to read the story from its source.