Egyptian real estate developer Sodic has signed sales contracts worth EGP3.6 billion ($460 million) in the first nine months of 2015, its managing director said on Monday.

Sodic, or Sixth of October Development and Investment Company, targets upper middle income consumers and sells housing units starting at EGP600,000.

The company, Egypt's third largest listed property developer, is targeting sales of EGP4 billion this year, up from 3 billion in 2014. Demand for new housing remains strong and the sector has resilient despite political turmoil.

Sodic has invested EGP2.3 billion since the start of 2015 and its land bank has reached 3.5 million sq m, managing director Maged Sherif told a news conference.

He said the company was considering buying land on the Mediterranean North Coast and the Red Sea.

It started selling the first phase of its 100-feddan (42 hectares) North Coast project in the third quarter, he said. The project is set for completion in three years and contracts worth 560 million pounds have been signed for the first phase. – Reuters