SODIC East sales hit EGP 1.8 bn -Sherif

SODIC has recorded EGP 1.8 bn in contracted sales at its Sodic East project, CEO Magued Sherif told Al Mal. The project’s first phase, involving 350 units, was sold out in seven days, he says. The project is being co-developed with Heliopolis Housing over a 655 feddan land plot. Sherif added that he does not expect the real estate market to witness the large jumps in prices seen in 2017 and for the increases to be limited to 10-12%, but he expects demand to remain resilient especially as interest rates drop.