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Egypt gives SODIC 6 months to finish project: report

Towns authority gives leading developer a grace period to complete building and pay all dues, having previously threatened to withdraw land after construction delays

Reuters, Wednesday 10 Aug 2011
Views: 1636
Views: 1636

Egypt's new towns authority has given SODIC , the country's third-biggest listed developer, a six-month grace period to finish part of its flagship Beverly Hills project, a newspaper reported on Wednesday.

"The New Urban Communities Authority (NUCA) granted SODIC a grace period to complete its 'Villas' project, part of the Beverly Hills project, and pay all due installments for the land," said financial daily al-Borsa, citing a top official in Cairo's Sheikh Zayed City where the project is located.

NUCA had threatened to withdraw some land from SODIC because of delays in the project, the paper said. Beverly Hills will include residential and commercial property stretching over 1.75 million square metres. 

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