"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    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 and Heliopolis Housing sign Contract for Co-development of 655 acres in New Heliopolis
Minimum guaranteed revenues are estimated at approximately EGP 5.01bn to be paid over unequal annual instalments
Shaimaa Al Aees Published in Daily News Egypt on 04 - 03 - 2016

Sixth of October Development and Investment Company (SODIC) and Heliopolis Development Housing (Heliopolis Housing) signed the co-development contract for 655 acres in New Heliopolis, East Cairo, according to press statement issued Thursday.
The statement said that the signed contract involves SODIC with privilege of 70% of the residential units revenues while Heliopolis Housing will be privilege to the remaining 30%. SODIC will be privilege to 69.8% of the commercial and retail revenues while Heliopolis Housing will be privilege to the remaining 30.2%.
"The minimum guaranteed revenues are estimated at approximately EGP 5.01bn to be paid over unequal annual installments, while the projects total revenues are estimated to be EGP 30.35bn," the statement read. "The project is planned to be developed over 10 years and will comprise over 8,600 residential units in addition to the retail and commercial offering and a dedicated sports club."
Managing Director of SODIC Magued Sherif said the project is expected to create over 40,000 direct and indirect jobs over the course of its development.
SODIC had participated in Heliopolis Housing's last auction as part of its strategy to increase its land bank and pursue new opportunities for growth. The co-development contract marks SODIC's first revenue sharing venture.
Minister of Investment Ashraf Salman, Chairman of SODIC Hani Sarei El Din, Managing Director of SODIC Magued Sherif, Holding Company for Construction Mahmoud Fathy Hegazy, and Development Chairman and Heliopolis Housing's Chairman and Managing Director Hany El Deeb attended the signing ceremony.

Clic here to read the story from its source.