The Showroom comprises 3,780 square meters of gross retail space, qualifying it as one of the largest automobile showrooms in Egypt today, and will house Hyundai and several other leading automobile brands that fall under ETAMCO/Ghabbour Auto.
The Company will pay a total of EGP 26,617,858 for the right to sub-develop "the Showroom" according to EIRTD's approved master plans and design briefs and under EIRTD's supervision. The Showroom is to be completed by April 2010.
"We are very happy to sign this agreement with ETAMCO/Ghabbour as it strengthens our view of the significant demand for specialized retail developments as we launch our first specialized mall for automobile showrooms & their supporting services" said Maher Maksoud, Managing Director of SODIC.
This will be the second specialized retail project to be launched by SODIC, with the first being Designopolis; a high end furniture and accessories strip mall that was acquired by Bonyan, a Citadel Capital subsidiary, from SODIC in July 2007.
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SODIC launches AutoVille in Sheikh Zayed City
- Egypt: Thursday, October 16 - 2008 at 14:29
- PRESS RELEASE
SODIC announced the signing of an agreement between the Egyptian Company for Investment and Real Estate & Tourist Development ("EIRTD"), a SODIC subsidiary, and ETAMCO/Ghabbour Auto for the sub-development of a high-end automobile showroom in SODIC's first specialized automobile mall, AutoVille.
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About AutoVilleThe Mall is strategically located on Dahshur road - a strategic junction that connects the Cairo Alexandria desert road with Sixth of October/Sheikh Zayed City and with the Ring Road that goes around Greater Cairo. The project has a frontage of more than 875 meters on the Dahshur road and is being developed as a specialized automobile strip mall and will offer some 30,000 sqm of high end retail space dedicated to Automobile showrooms and complementing services. The project Masterplan has been approved by the New Urban Communities Authority, and the project is expected to be complete by 2011.
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 EGP750m ($150m) in 2006 to around EGP4bn.
About ETAMCO/Ghabbour Auto
GB Auto S.A.E (Stock Symbol: AUTO.CA) is the leading automotive producer and distributor in the Egyptian market. The company assembles, imports and distributes passenger cars under the Hyundai brand as well as commercial vehicles (buses, trucks and trailers) under the Volvo, Mitsubishi, Hyundai and Ghabbour brands.
In addition, it distributes motorcycles and scooters under the Bajaj brand, tires under the Lassa and Double Coin brands and construction equipment under the Volvo and Linde brands. The company operates the largest network of service centers and automotive accessories sales points in Egypt and operates fleet leasing and vehicle financing arms. GB Auto is headquartered in Giza, Greater Cairo Area, Egypt. GB Auto is listed in the Egyptian Exchange since July 9, 2007 and has a market capitalization of EGP5.7bn as of Q3 2008.
For more information:
Engy Emad
Media Relations
T: 02-33050014
F: 02-33050024
M: 010-7774433
Posted by Nadeen El AjouThursday, October 16 - 2008 at 14:29 UAE local time (GMT+4)
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