Sixth of October Development & Investment Company “SODIC” announced today that it has received the official award letter from Heliopolis Housing and Development (“Heliopolis Housing”) to co-develop an integrated project over c.655 acres in New Heliopolis, East Cairo.
The co-development agreement entails SODIC’s entitlement to 70% of the residential units revenues while Heliopolis Housing will be entitled to the remaining 30%. Furthermore, SODIC will be entitled to 69.8% of the commercial/retail revenues while Heliopolis Housing will be entitled to the remaining 30.2%. The co-development agreement marks SODIC’s first revenue sharing venture.
SODIC had participated in Heliopolis Housing’s last auction as part of its strategy to increase its land bank and pursue new opportunities for growth. The land is planned for a fully integrated project which is expected to create over 40,000 direct & indirect jobs over the course of its development.
The 665 acre land is strategically located in New Heliopolis off Cairo Suez Road, directly adjacent to Al Shorouk city. The land is in the heart of East Cairo, the natural extension to New Cairo, making it a valuable addition to SODIC’s existing land bank.
Commenting on the announcement Magued Sherif, SODIC’s Managing Director said “We are very excited to have been awarded this land. This is the beginning of an aggressive growth strategy for SODIC and we look forward to growing our land bank further in the foreseeable future.”