Upmarket real estate developer Sodic is on track to begin delivering units in its Eastown District New Cairo (EDNC) complex in 2021, the company said in a statement (pdf). The company has so far signed EGP 1.7 bn in contracts with construction firms and over 50% of the construction work has now been completed. As the commercial component of Eastown, EDNC is the company’s first non-residential offering in East Cairo, and will provide 90k sqm of commercial and retail space. Sodic Managing Director Magued El Sherif said the project falls into a larger strategy of retaining non-residential assets to facilitate recurring income, and that “EDNC will serve as the cornerstone of SODIC’s recurring income portfolio.” The development is partially financed by CIB, which provided a EGP 1 bn loan for the project.

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