SODIC to change location of 500-acre project in New Zayed

The new location will be presented to NUCA's board of directors

SODIC headquarters.

SODIC headquarters.

Sodic/Handout via Thomson Reuters Zawya

Cairo - Mubasher: Sixth of October Development and Investment Company (SODIC) has received a letter from the Ministry of Housing, Utilities, and Urban Communities regarding the 500-acre land plot in New Zayed.

The land plot, currently being developed in partnership with the New Urban Communities Authority (NUCA), will be adjusted following some changes to the New Zayed area plans, including the development of other nearby projects, SODIC said in a bourse disclosure on Sunday.

"The location of the 500-acre plot is being adjusted in a way that preserves the nature and all components of the project and maximises the benefit from these changes," the property developer added.

The new location will be presented to NUCA's board of directors and any developments will be disclosed in a timely manner, the company said.

During the first quarter (Q1) of 2021, SODIC achieved net profits of EGP 100.46 million, up from EGP 30.006 million in the year-ago period, including minority shareholders’ rights.

Source: Mubasher

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