CAIRO: Egyptian real estate developer SODIC has signed an agreement with Heliopolis Housing to jointly develop 655 acres of land in east Cairo for commercial and residential use, the firm said in a bourse statement on Sunday.
“The total revenue expected for the project is estimated around 30.35 billion Egyptian pounds ($3.88 billion),” it said in the statement.
Demand for new housing in Egypt remains strong and the sector has been resilient despite political turmoil.
SODIC, the country’s third largest listed developer, will receive 70 percent of the revenues from the housing unit sales and 69.8 percent from the commercial unit sales, while Heliopolis Housing will receive the rest.
The project, in New Heliopolis, is expected to include more than 8,600 houses and the whole project will be completed over ten years, SODIC said.