FINANCIAL NEWS

Egypt’s SODIC and Helioplois sign deal for Co-development

05 Mar 2016

(MENAFN) Sixth of Oct Development Co. (SODIC) and Helioplois Development Housing signed the co-development deal for 655 acres in New Heliopolis.

Furthermore, the contract includes SODIC with privilege of 70 percent of the residential units incomes while Heliopolis will be to the remaining 30 percent.

In addition, the minimum guaranteed incomes are estimated at almost USD 0.63bn to be paid over unequal annual installments, as stated.

On the other hand, the projects whole revenues are estimated to be USD 3.86bn, which is planned to be developed over 10 years.

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