{"id":557044,"date":"2021-09-05T04:00:09","date_gmt":"2021-09-05T04:00:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/"},"modified":"2021-09-05T04:00:09","modified_gmt":"2021-09-05T04:00:09","slug":"sodic-acquires-new-zayed-plot-for-egp-1-24-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/","title":{"rendered":"SODIC acquires new Zayed plot for EGP 1.24 bn"},"content":{"rendered":"

<\/a> Upmarket real estate developer SODIC will purchase a 123-acre plot in Sheikh <\/strong>Zayed City for EGP 1.24 bn,<\/strong> the company said in a statement (pdf)<\/a> Thursday, after the Sheikh Zayed City Development Authority accepted an offer of EGP 2,385 per sqm, payable over six years. The new plot, which is adjacent to its \u201cThe Estates\u201d project and will serve as an extension, is expected to add circa EGP 10 bn of gross contracted sales to the project\u2019s pipeline over the next six years, the firm said.<\/p>\n

The acquisition adds 518k sqm to SODIC\u2019s land bank<\/strong>, which now amounts to some 5.6 mn sqm. \u201cThe addition will enable us to add more amenities and features to the project, creating value for existing as well as new homeowners,\u201d said Managing Director Magued Sherif.<\/p>\n

The move comes a few weeks after the Housing Ministry <\/strong>proposed<\/a><\/strong> moving the company\u2019s 500-acre New Zayed plot to a new location.<\/strong> The new, 440-acre plot pending approval from NUCA\u2019s board of directors is smaller but enjoys \u201ca higher efficiency that should allow for an increase in sellable BUA without compromising the project\u2019s features,\u201d SODIC said last month.<\/p>\n

The company <\/strong>tripled its net income<\/a><\/strong> in 2Q2021 <\/strong>and recorded a sharp rise in gross contracted sales, which almost doubled to EGP 1.9 bn from the same period last year. More than half of sales were in the company\u2019s The Estates and Karmell developments in west Cairo.<\/p>\n","protected":false},"excerpt":{"rendered":"

Upmarket real estate developer SODIC will purchase a 123-acre plot in Sheikh Zayed City for EGP 1.24 bn, the company said in a statement (pdf) Thursday, after the Sheikh Zayed City Development Authority accepted an offer of EGP 2,385 per sqm, payable over six years. The new plot, which is adjacent to its \u201cThe Estates\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":557045,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[72,879,83,312],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-557044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-new-urban-communities-authority","tag-real-estate","tag-sodic","wpautop","entry"],"acf":{"mongo_id":"5e96f226-8665-4925-bcdd-63cfbd33b28b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/9\/51.jpg","photo_position":"above","related_issue":[557033],"teaser":"","voice_url":""},"yoast_head":"\nSODIC acquires new Zayed plot for EGP 1.24 bn - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SODIC acquires new Zayed plot for EGP 1.24 bn\" \/>\n<meta property=\"og:description\" content=\"Upmarket real estate developer SODIC will purchase a 123-acre plot in Sheikh Zayed City for EGP 1.24 bn, the company said in a statement (pdf) Thursday, after the Sheikh Zayed City Development Authority accepted an offer of EGP 2,385 per sqm, payable over six years. The new plot, which is adjacent to its \u201cThe Estates\u201d […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-05T04:00:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/51.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"SODIC acquires new Zayed plot for EGP 1.24 bn\",\"datePublished\":\"2021-09-05T04:00:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/\"},\"wordCount\":245,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2021\/9\/51.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"New Urban Communities Authority\",\"real estate\",\"SODIC\"],\"articleSection\":[\"Real estate\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2021\/09\/05\/sodic-acquires-new-zayed-plot-for-egp-1-24-bn\/\",\"name\":\"SODIC acquires new Zayed plot for EGP 1.24 bn - 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SODIC is paying NUCA EGP 2,470 per sqm in\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624764,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/18\/sodic-awarded-500-acre-plot-in-west-cairo\/","url_meta":{"origin":557044,"position":1},"title":"SODIC awarded 500-acre plot in West Cairo","author":"enterpriseam admin","date":"18 September 2018","format":false,"excerpt":"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.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631021,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/07\/sodic-wins-tender-for-500-feddans-in-sheikh-zayed\/","url_meta":{"origin":557044,"position":2},"title":"SODIC wins tender for 500 feddans in Sheikh Zayed","author":"enterpriseam admin","date":"7 March 2018","format":false,"excerpt":"SODIC was awarded a tender for a 500-feddan land plot in Sheikh Zayed, the company said in a bourse statement carried by Al Mal. The plot is one of four the company had bid for in the Sheikh Zayed and Six October City areas. The New Urban Communities Authority is\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":593521,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/01\/sodic-attracts-egp-1-bn-in-presales-for-the-estates\/","url_meta":{"origin":557044,"position":3},"title":"Sodic attracts EGP 1 bn in presales for The Estates","author":"enterpriseam admin","date":"1 October 2019","format":false,"excerpt":"Sodic reeled in EGP 1 bn in presales on the first day of the launch of its new compound, \u201cThe Estates,\u201d according to a statement (pdf). Located in New Zayed, 5 km north of Sodic West, the 630k sqm all-villa compound will include a clubhouse and a spa. The Estates\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":590651,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/30\/sodics-soreal-signs-egp-1-bn-facility-with-cib-to-finance-its-ednc-project\/","url_meta":{"origin":557044,"position":4},"title":"Sodic\u2019s Soreal signs EGP 1 bn facility with CIB to finance its EDNC project","author":"enterpriseam admin","date":"30 December 2019","format":false,"excerpt":"DEBT WATCH- Sodic subsidiary signs EGP 1 bn medium term facility with CIB: Sodic subsidiary Soreal for Real Estate Development signed a EGP 1 bn medium term facility with CIB to partially finance Sodic\u2019s first non-residential offering in East Cairo EDNC,the company said in a press release (pdf). EDNC is\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":601623,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/03\/05\/sawiris-owned-real-estate-company-to-develop-58-9-feddan-sheikh-zayed-plot\/","url_meta":{"origin":557044,"position":5},"title":"Sawiris-owned real estate company to develop 58.9-feddan Sheikh Zayed plot","author":"enterpriseam admin","date":"5 March 2019","format":false,"excerpt":"A real estate development company owned by Naguib Sawiris has been awarded a contract to develop 58.9 feddans in Sheikh Zayed in partnership with the New Urban Communities Authority (NUCA), government sources said without revealing the value of the contract. NUCA awarded Sawiris the contracts after El Mashreq for Tourism\u2026","rel":"","context":"In "Real Estate + Housing"","block_context":{"text":"Real Estate + Housing","link":"https:\/\/enterpriseam.com\/egypt\/category\/real-estate-housing\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=557044"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/557044\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/557033"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/557045"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=557044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=557044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=557044"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=557044"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=557044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}