Last Update 20:27
Friday, 19 July 2019

SODIC to launch four new projects worth LE3.5 billion in 2012

Egypt's 3rd largest property developer is shifting its focus to mid-income housing, says chief executive

Ahram Online, Wednesday 22 Feb 2012
Egypt construction
After last year's steep fall in profits, SODIC is planning ahead (Photo: Reuters)
Share/Bookmark
Views: 1064
Share/Bookmark
Views: 1064
Egypt's third-largest real estate developer SODIC will launch four new projects in 2012 worth a total of $3.5 billion ($600m), the firm's chief executive told reporters on Tuesday.
 
Speaking at the Cityscape Egypt property exhibition in Cairo, Maher Maksoud told Al-Mal newspaper that three projects would be in Westown, a community in Sheikh Zayed city, with one being built in Eastown, a community in Qattameya to the northeast of the capital.
 
SODIC is shifting its focus to mid-income housing and expects this segment to make up half of its projects within the next five years, Maksoud was reported as saying.
 
Later in the day, SODIC denied media reports that it had received notification from Egypt's New Urban Communication Authority (NUCA) to begin construction on its projects in Sheikh Zayed within three years. 
 
On Wednesday, SODIC sent a statement to Egypt's Bourse reporting LE218 million worth of sales for existing projects in January 2012.
 
In November 2011, SODIC reported a nine-month net-loss of LE156.7 million ($26.1 million) before taxes and other expenses.
 
Shares in SODIC stocks traded up 3.42 per cent on Wednesday. Egypt's EGX30 main index 0.25 per cent.
Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.