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FINANCIAL NEWS
Egyptian govt gives Sodic 2 more years for Allegria development
26 Jul 2012
(MENAFN) Egyptian developer Sodic has been given two more years to finish two phases of its “Allegria” residential project west of Cairo, Reuters reported.
The extension was given after Sodic agreed with the New Urban Communities Authority in March to develop projects on its land bank in West Cairo within three years, in a move that protected the assets from possible legal challenges.
Allegria is one of several new suburbs built on the outskirts of the congested capital, and includes 1,200 villas and houses, according to Sodic’s website.
The project is being built on about 700 feddans. The two phases whose completion date was pushed back, cover 81 feddans, the company said.
Sodic, the country’s third-biggest listed developer, has been spared much of the legal uncertainty over land bank ownership that damaged investor confidence in the sector prior to last year’s uprising.
The company said in April it had sold out all the projects it had launched since last year’s uprising.
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