SODIC signs purchase agreement for 500-acre plot in Egypt’s Sheikh Zayed

SODIC lands 500-acre plot in Egypt’s Sheikh Zayed: SODIC signed on Thursday a EGP 15.3 bn purchase agreement with the New Urban Communities Authority (NUCA) for a 500-acre plot in Sheikh Zayed, the real estate developer said in a statement (pdf). SODIC is paying NUCA EGP 2,470 per sqm in installments over 11 years. Some EGP 8.8 bn of the sum is in fixed installments, in addition to 15% of the annual collections. The new plot, which is enough to develop as many as 5k residential units, brings SODIC’s undeveloped land bank to 7 mn sqm, said SODIC boss Magued Sherif.

NUCA also signed land purchase agreements with Al Ahly for Real Estate Development and Arkan Palm, according to a Cabinet statement. Under the agreements, Arkan Palm will develop mixed-use project on 205 acres in Sheikh Zayed, while Al Ahly will develop a plot in 6 October City.