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Egypt developer SODIC granted 6 months to get building permit for allocated land

Real estate firm is given an extension from government authorities as it prepares to develop a further fifth of its land in west Cairo

Ahram Online, Wednesday 12 Oct 2011
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Egyptian real estate developer SODIC has announced it has been granted a six-month grace period by the New Urban Communities Authority (NUCA) to obtain its remaining building permits, which cover 19 per cent of its landbank in west Cairo.

SODIC received a letter from the NUCA referring to the three-year development schedule submitted by SODIC for the remaining undeveloped part of its Beverly Hills project.

SODIC has not faced any lawsuits against any of its land plots.

Egypt's third-biggest listed developer posted a net loss of LE120.01 million (US$20m) for the first half of 2011.

The real estate firm, which does not recognise full revenues until it delivers completed units, made net profits of LE50.7 million over the same period last year.

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