SODIC announced yesterday that it was awarded am EGP 14.2 bn 500-acre plot in Sheikh Zayed, enough to develop as many as 5k residential units, according to a company statement (pdf). SODIC is paying the New and Urban Communities Authority (NUCA) EGP 2.2k per sqm in installments over 11 years. Some EGP 8.5 bn of the sum is in fixed installments, in addition to 15% of the annual collections. The new plot bring SODIC’s undeveloped land bank to 8 mn sqm, giving the company “a runway of at least 10 years of development,” said our friend SODIC boss Magued Sherif.

Tags: