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SODIC signs agreement with NUCA on 500-acre plot in West Cairo

Sixth of October Development & Investment (SODIC) announced signing the partnership agreement for the 500-acre plot in West Cairo with the New Urban Communities Authority (NUCA). The plot is located in the Sheikh Zayed Extension area, in close proximity to SODIC West. The project is expected to comprise over 5,000 units generating estimated sales of EGP43bn. NUCA is entitled to a maximum total payment of EGP15.3bn over 11 years, of which EGP8.8bn are fixed payments, including a down payment of EGP300mn, in addition to 15% of the annual collections. The projected payments imply a land cost per sqm capped at EGP2,470 on an NPV basis, discounted at 16%. This brings SODIC’s total undeveloped land to c7mn sqm, from which the company is looking to generate over EGP150bn of sales over 10 years. The project is slated for launch in 4Q19. SODIC is targeting EGP7.2bn of sales from all its projects in 2019.