Egypt's third-largest real estate developer SODIC has received approval for Westown's three year development schedule from the New Urban Communities Authority (NUCA), according to a statement sent to the Egyptian bourse on Wednesday.
Formal approval will allow the company to begin more projects in Westown. It has launched three phases of the Westown Residences project, which have been well received by the market.
The company said earlier this week that it had launched and sold 160 units at Westown Residence in its second and third stage. SODIC turned 141 unit sales into contracts worth 193 million Egyptian pounds ($32 million), bringing net sales of new contracts worth 420 million Egyptian pounds this year-to-date.
In November 2011, SODIC reported a nine-month net-loss of LE156.7 million ($26.1 million) before taxes and other expenses.