Egyptian property developer Sixth of October Development & Investment Company (Sodic) said it will join hands with real estate group Heliopolis Housing to develop an integrated project over 655 acres in East Cairo.

Sodic said it has received the official award letter from Heliopolis Housing and Development in this regard.

The Cairo-listed developer had participated in Heliopolis Housing’s last auction as part of its strategy to increase its land bank and pursue new opportunities for growth.

The co-development agreement marks Sodic’s first revenue sharing venture.

As per the deal, Sodic will be entitled to 70 per cent of the revenue from the residential units, while Heliopolis Housing will be entitled to the remaining 30 per cent.

Besides this, it will also get 69.8 per cent of the commercial/retail revenues while Heliopolis Housing will be entitled to the remaining 30.2 per cent.

The Egyptian property developer said the land was planned for a fully integrated project which is expected to create over 40,000 direct and indirect jobs over the course of its development.

The 665-acre land is strategically located in New Heliopolis off Cairo Suez Road, directly adjacent to Al Shorouk city in the heart of East Cairo, the natural extension to New Cairo, making it a valuable addition to Sodic’s existing land bank.

Commenting on the announcement, Magued Sherif, Sodic’s managing director said: “We are very excited to have been awarded this land. This is the beginning of an aggressive growth strategy for Sodic and we look forward to growing our land bank further in the foreseeable future.”

A major player in the region, Sodic is currently developing a number of large and diversified projects in Egypt. Sodic’s developments range from residential projects of different types to retail, commercial and large scale mixed-use city centres in east and west Cairo.-TradeArabia News Service