Egypt's property developer SODIC (OCDI.CA) has been awarded a land plot from Heliopolis Company for Housing and Development based on landscape partnership scheme, to establish a residential and commercial project, it announced Wednesday. The land plot is on area of 655 feddans at New Heliopolis City. According to the agreement, SODIC will receive 70 percent of the revenues of the project's residential units, while Heliopolis Housing will be entitled to the remaining 30 percent. As for the commercial units, SODIC will receive 69.8 percent of revenues, while Heliopolis Housing will get 30.2 percent. SODIC stated that it will announce the value of the land, as well as the project's total investment costs after it signs the final contracts with Heliopolis Housing. Heliopolis Housing has chosen between Mountain View and SODIC. Heliopolis Housing earlier reported net profits of 51.3 million Egyptian pounds after taxes for the first quarter of the fiscal year 2015/16, down from 91.2 million pounds in the same quarter a year earlier. On other hand, SODIC saw an increase of 111.9 percent to 232.5 million pounds in net profits for the first nine months of 2015.
