Egyptian developer SODIC said on Sunday that it is on track to start delivery of its Eastown District New Cairo (EDNC) commercial project in 2021

The 90,000 square metre (sqm) - EDNC is the commercial component of Eastown, SODIC's mixed-use development in New Cairo.

The developer said in a statement that more than 50 percent of the construction work has been completed including concrete skeletons of the buildings.

The retail complex has total built-up area (BUA) of 22,250 sqm while the office complex has a BUA of 63,000 sqm, the statement said, adding that SODIC had awarded over 1.7 billion Egyptian Pounds ($108 million) in construction contracts for the project.

Magued Sherif, SODIC's Managing Director said the project comes in line with the company's strategy "to largely retain prime non-residential assets to contribute to recurring income in the future."

(1 US Dollar = 15.75 Egyptian Pounds)

(Writing by Syed Ameen Kader; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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