EGP nudges higher vs. USD in early Thursday trading    Global electricity demand to surge through 2026 – IEA    Japan's c. bank holds key interest rate    Egypt, US FMs discuss Gaza crisis, Nile water security    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Modon Holding posts AED 2.1bn net profit in H1 2025    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'    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    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    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 studies partnership with NUCA
SODIC's board discusses revenues division plan Monday
Published in Daily News Egypt on 14 - 12 - 2017

Sixth of October for Development and Investment (SODIC)'s board is scheduled to discuss the company's estimated budget for 2018 and for "private sector partnership" projects planned for acquiring land offered by the New Urban Communities Authority (NUCA), according to Magued Sherif, CEO of SODIC.
Sherif told Daily News Egypt that SODIC has set a plan to define the revenues distribution policy for the next five years and will discuss it at a board meeting on Monday.
"If the revenue distribution plan is adopted, it will be implemented in 2018," said Sherif. "SODIC registered a net profit of EGP 507m for the first nine months of the current year, up 98% from the same period last year."
Sherif pointed out that the company sold the first offered units in its "SODIC East" project, which is being developed in partnership with Heliopolis for Housing and Development (HHD) on a total area of 655 acres.
According to the contract between SODIC and HHD, SODIC receives 70% of the revenues of the residential units, while HHD receives the remaining 30% of revenues. According to the same contract, SODIC receives 69.8% of the revenues of commercial units and retail stores in the project, compared to 30.2% for HHD.
"SODIC's investments will reach EGP 3bn by the end of the current year, while its contractual sales target is EGP 5.6bn, which we are close to achieving," Sherif said. "The board will also discuss the possibility of progressing to competition in the new phase of private sector partnership projects offered by the NUCA that includes 13 plots of land in the cities of New Cairo, Sheikh Zayed, Sixth of October, and South Marina.He added that the company is studying opportunities for expansion in the real estate sector, whether in all governorates of Egypt or a number of Arab and African countries, but no final decision has been made.
He noted that the company is familiar with the real estate market and its needs the timing for expansion and launching new investments to be right.
He pointed out that real estate prices in the Egyptian market have witnessed significant increases due to the devaluation of the local currency against the dollar and the lack of keeping pace with the income levels of those increases.
Sherif predicted the stability of selling prices to suit citizens' income within a period of two to three years.
He was optimistic about sales in the sector in the coming year due to the expected decline in interest rates and the availability of cash flows stored in savings vessels, whether Suez Canal certificates or other high-yield certificates, which will be redirected to the real estate sector.


Clic here to read the story from its source.