CAIRO: Real estate is hard to come by in Egypt's capital, but that has not stopped leading real estate firm SODIC from attempting to increase its land in the Cairo suburb of Sheikh Zayed City. The 426 acres is near its flagship Allegria project – aimed at the country's upper class – and the firm hopes that if successful, the new development will help push it forward on plans for increasing the country's real estate market. Although only fourth in terms of market value in Egypt, SODIC has been active in recent years selling high-end residential and commercial property on the outskirts of the Egyptian capital. “We are planning to develop this land as an extension to Allegria,” Chief Executive Officer Maher Maksoud said in an email to Reuters news agency. Five other companies, including property developer Palm Hills Developments, also picked up auction documents from the state New Urban Communities Authority (NUCA), which is responsible for developing satellite cities around Cairo, Reuters reported. Only SODIC submitted its application, Al-Mal newspaper reported on Tuesday. It did not say when the auction results would be announced, and NUCA officials were not immediately available for comment. Real estate in Egypt had seen a downturn as the global financial crisis hit, but in recent months the development of new plots of land has increased, with SODIC taking the lead. BM
