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FINANCIAL NEWS
Sodic to develop $37m project in northern Egypt
01 Jun 2010
(MENAFN) Reuters reported that a consortium including Egypt’s Sixth of October Development Co (SODIC) is developing a $37 million mall and entertainment center in Mansoura on the Nile Delta.
The high-end property real estate company said on Monday it expected an increase in housing unit deliveries in its Allegria project near Cairo would enable it to return to profit later this year.
The consortium, comprising SODIC, Juhayna and a number of businessmen, won a Trade Ministry tender to lease 63,000 meters of land in Mansoura, 100 kilometers (60 miles) north of Cairo, for up to 50 years, a SODIC official said.
The project, in which SODIC holds a 35 percent stake, will have a built-up area of around 6,000 square meters, he added. Total investment is expected to reach 210 million $37 million.
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