Project is expected to create over 40,000 jobs
The Egypt-listed Sixth of October Development Company (SODIC) says it has been offered the role to co-develop an integrated project in New Heliopolis, East Cairo, that spreads over 655 acres.
The agreement, announced in a press release, entitles SODIC to 70% of the residential unit revenues and 69.8% of commercial and retail revenues, while partner Heliopolis Housing will take 30% of residential unit revenues and the remaining 30.2% commercial and retail revenues.
“We are very excited to have been awarded this land. This is the beginning of an aggressive growth strategy for SODIC and we look forward to growing our land bank further in the foreseeable future,” said Magued Sherif, Managing Director at SODIC.
The company had participated in Heliopolis’ last auction as part of its strategy to increase its land bank and pursue new opportunities for growth.
The project is expected to create more than 40,000 direct and indirect jobs over the course of its development.