developer q&a 34
SODIC
Leading Egyptian developer SODIC is spearheading the creation
of new real estate communities targeting all income levels.
Esmat El Nahas, PR Director, elaborates on the strategic focus
Have you had to adjust any of the key elements of your master
plan due to the current economic climate?
SODIC has made adjustments in projects like Allegria to be able to
offer smaller units to meet the demand for well thought-out, less
expensive homes. Initial phases of EASTOWN and WESTOWN,
which are our two mixed-use, sustainable city centres located on
both sides of Cairo, are designed in collaboration with Solidere
International; these are being redeveloped and reprogrammed to
meet current economic conditions.
Are you considering broadening your residential portfolio to
cover demand for affordable housing for the lower income
home-owner?
SODIC is always considering broadening its portfolio. We wanted to
reposition so we could play across all segments at a later stage.
However, our main focus is to develop and deliver our existing
projects, namely Allegria, Kattameya Plaza and EASTOWN and
WESTOWN, in collaboration with Solidere International.
What particular challenges are you facing at present?
Although the general real estate market in Egypt has slowed
down since 2006/7, SODIC is still experiencing strong sales,
customer confidence and minimal returns of our sold units. We
believe that there is still demand provided that the products we
are selling are intelligently designed and are combined with
attractive payment terms. The key is to provide value for our
customers. Companies that have strong balance sheets, little
debt and strong management teams are more likely to weather
the storm.
What have been the biggest opportunities for SODIC so far
this year?
SODIC is proactively managing the effects of the global economic
downturn. We recently launched two new phases for the Allegria
project, which will be one of Cairo’s leading high-end residential
communities. Despite the economic crisis, we managed to sell
most of the units in the new Phase IV in the first few days of its
launch. Phase III of the project – The Hill – was also sold on offer
within hours of opening for sale.
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