Up to EGP17bn investments injected into SODIC East
Investments injected into New Heliopolis' SODIC East amount to EGP17bn, manager director Six of October for Development and Investment Company (SODIC) Maged Sherif said.
The construction of SODIC East is underway in collaboration with Heliopolis Company for Housing and Development, as stakesof 70% and 30% out of the project’s revenues go to SODIC and HCHD respectively, he added.
Transferring the jurisdiction of SODIC East to Al-Shorouk Authority, causing construction works to run two years behind schedule, sent the project into a tailspin, as HCHD ultimately decided to place a 21-month extension on construction deadline.
Contractors working at the project site are hiring workers ranging from 3500 to 4000 workers.
Utilities of water and sewage are all available at the Sodic East, as electricity is scheduled to be installed nextyear, he explained.
The delayment of power installationis attributed to changing designs, as works are set to start off soon.
Coordination with Al-Shorouk Authority regarding SODIC’s involvement in upgrading roads around Heliopolis City for the benefit of both Al-Shorouk City and SODIC East is underway. SODIC’ involvement serves the societal role that it is keen to play.
SODIC accomplished the construction of 52% of the first phase of SODIC East, he said, noting that resorting to securitization or factorization is among options that could be tapped within two years, with housing units in the project planned to be handed over early next year.
SODIC East, built over 655 acres, is a mixed-use project with green open areas constituting 84% of its total area.
On top of schools, commercial and recreational facilities, SODIC East comprises a campsite spanning over 6 acres, a space unmatched in Egypt. Nearby is a sporting club that spreads over an area of 41 acres and is run by Club S, the sporting subsidiary of SODIC.
SODIC East, developed in collaboration with HCHD, occupies a strategic location and is a 10-minute drive from the New Administrative Capital via the newly-builtroads network.
