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

Ahram Online, Wednesday 22 Feb 2012

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

Egypt construction
After last year's steep fall in profits, SODIC is planning ahead (Photo: Reuters)
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.
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