Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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



SODIC agrees to develop Cairo project in 3 years
Published in Daily News Egypt on 08 - 03 - 2012

CAIRO: SODIC, the country's third-biggest listed developer, has agreed with the authorities to develop projects on its land bank in West Cairo within three years, in a move that protects the assets from possible legal challenge.
SODIC, a luxury property developer, has been spared much of the legal uncertainty over ownership of its land bank that has hit the country's real estate sector and deepened following president Hosni Mubarak's ouster.
The firm agreed with the authorities that, in order to keep its land in West Cairo safe, it would speed up construction on projects there and deliver within the new timeframe, it said in a statement on Thursday.
"We view the event positively as it effectively removes a legal overhang on SODIC's land bank in West Cairo," investment bank EFG-Hermes said in a note.
"The agreement could help SODIC increase the appeal of its off-plan products, which are now free of legal risks pertaining to the land," the note said, adding the deal could help limit cancellations at the project, Westown.
Egypt's property market was a major driver of foreign investment and growth but is now struggling to recover from legal rows over state land sales.
SODIC has not been directly implicated in the land rows but its former chairman, the father-in-law of Mubarak's eldest son, is facing trial for his role in a questionable land sale.
The company said earlier this week it had launched and sold out 160 units of Westown Residence, in its second and third stage. SODIC turned 141 unit sales into contracts worth LE 193 million ($32 million), bringing net sales of new contracts year-to-date to LE 420 million.
But the new timeframe would have a negative impact on how easily SODIC can sell the land to potential developers and businesses, analysts say.
The firm swung to a third-quarter loss in November.


Clic here to read the story from its source.