SODIC acquires Al Yusr

Sixth of October for Development and Investment Company (SODIC) signed a contract for the acquisition of Al Yusr for Projects and Agricultural Development (Al Yusr).

Egypt: Thursday, August 07 - 2008 at 17:20
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Al Yusr which owns 1,360,800 square meters of land at 43.5km off the Cairo Alexandria desert road, 4.5km from SODIC's Allegria and Westown developments and 6km from the Smart Village.

The deal valued at EGP 312,572, 000 gives SODIC 100% ownership of Al Yusr, which owns the land with a 700 meter frontage on the desert road.

The area will be designed as a low density apartment buildings complex, offering a variety of upper middle income apartment buildings and is expected to be launched in 2009.

'At SODIC, we were seeing growing pent up demand in the middle income segment. Accordingly, we wanted to develop a project that serves this niche without compromising on the spacious landscaped environment and quality of living.'

commented Maher Maksoud, Managing director of SODIC.

'This land acquisition allows SODIC to capitalize on that - especially knowing how the area will change with the development of Westown. We have been pursuing a number of opportunities lately and felt that Al Yusr, with its proximity to Westown and extensive frontage on the highway, perfectly suits our strategy to attack this fast growing segment.'

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Notes and media contacts

About SODIC
SODIC is Egypt's fastest growing Real Estate Development Company and is currently developing a number of large and diversified projects in Egypt's expanding real estate sectors. These developments range from residential projects of different types to retail, commercial and fully-fledged city centers aimed at becoming the main urban hubs of east and west Cairo. SODIC is listed on the Cairo Stock Exchange (Ticker OCDI) and has grown its market capitalization four fold, from under EGP 750 million (US$150 million) in 2006 to around EGP 4 billion. For more information please visit our website at www.sodic.com.

About Westown
Westown is strategically situated at the intersection of the Cairo-Alexandria desert road and Dahshur road in West Cairo. Westown is designed to become the new urban hub of the Sheikh Zayed/6th October suburb and will cater to the needs of the 2.5 million population expected to live in the area within the next 10 years.

Developed in collaboration with award-winning city-makers Solidere international, Westown is built on 1.2 million square meters of land and will have an estimated population of 30,000. It will offer a variety of residential units from luxury family apartments to student studios, a selection of hotels and serviced apartments, an array of services and retail outlets ranging from malls to high street boutiques and a wide range of office space tailored for large multinationals as well as smaller start-ups.

SODIC and Solidere are investing some EGP 14 billion to develop Westown, and its first phases will be delivered in 2011. Westown's Master Plan was submitted to the New Urban Communities Authority for approval in March 2008.

For more information:
Engy Emad
Media Relations
T: 02-33050014
F: 02-33050024
M: 010-7774433

Posted by Nadine Ishaq Al Ajou
Thursday, August 07 - 2008 at 17:20 UAE local time (GMT+4)

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This Article was updated on Sunday, August 31 - 2008

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