Extension comes after country’s third largest developer reached an agreement with authorities
Egyptian property developer, Six of October Development and Investment (SODIC) has been granted two more years by the government for the completionof two phases of an upscale residential development west of Cairo.
The extension comes after SODIC, the country’s third-biggest listed developer, reached an agreement with the authorities last March to develop projects on its land bank in West Cairo within three years.
Covering 3.6 million m2 of land, Allegria will have 1,200 villas and houses. The two stages have cover a total of 2.94 million m2, SODIC said.
Egypt’s real estate industry was hit hard by the popular uprising in 2011 against President Hosni Mubarak, as well as legal challenges to state land sales, leading to lower demand for higher-end property.