Dear SODIC Family and Friends
It has been a very busy time here at SODIC.
Our biggest news as you may have heard is that SODIC has announced its intention to launch a mandatory tender offer on the shares of Madinet Nasr for Housing & Development “MNHD” through a direct share swap. This deal if consummated brings the combined entity’s total undeveloped land bank to over 15 million square metres with over 15 years of development visibility, and creates the second largest listed real estate developer in Egypt. Both companies are excited about the potential synergies. We will be sharing more on that with you as the deal develops.
We are happy to share with you more good news. On September 17th SODIC received the official award letter for a 500 acre plot in the Sheikh Zayed Extension area, a mere 10 minutes’ drive from SODIC West. The addition of these 500 acres brings SODlC’s undeveloped land bank to eight million square meters, giving us a runway of at least ten years of development. The addition comes timely as we have almost completely developed the 1500 acres that make up SODIC West, now a vibrant community home to over 22,000 residents, thanks to many of you reading this letter.
We were very excited to bring you Malaaz this summer our second development on Egypt’s North Coast. With a sandy beach front of 600 metres located only eight kilometres before Caesar in up and coming Ras El Hekma, the launch of Malaaz was met with exceptional demand, selling over 60% of the 350 single family homes launched and sold. This summer also saw the launch of our SODIC West developments, Six West apartment buildings overlooking SODIC Sports Club and The Portal office buildings, adding more residential and commercial spaces to our vibrant flagship development in the west of Cairo.
We are also very proud that SODIC has been recognised as the Leading Corporate for Investor Relations in Egypt by the Middle East investor Relations Association ”MEIRA” for second year in a row. This comes as a testament to our strong commitment to our shareholders and the stock market as we continue to uphold the highest level of engagement and transparency and deliver excellence in our investor relations program.
In our continuous efforts to bring SODIC closer to you, we have launched several new SODIC Sales Centres. October Plaza’s sales centre is ready to receive clients and offer site tours of our newest development in West Cairo, with delivery beginning early 2020. ln New Cairo, SODIC’s newest sales centre is opening its doors in October 2018, you will ﬁnd it directly on road 90, adjacent to the HSBC building.
Lastly, if you are in Abu Dhabi pass by us at Abu Dhabi’s Nile Property Expo where we will be exhibiting our most current projects from the 29th of November to the 2nd of December.
The annual SODIC Charity Run will take place on November 9th in collaboration with Cairo Runners. The proceeds of this year’s run will be directed to Control Foundation for Diabetes. We hope to break last year’s donations record with your participation and kind contribution. As always, we plan to end the year with our annual Winter Festival at Westown Hub, and really look forward to seeing you all there.
As more and more homes are delivered to our clients, we now have three living communities across East and West Cairo and the North Coast that vary from hundreds to thousands of residents. Completing our development cycle, we are happy to announce that we have developed an in-house Community Management arm dedicated especially to ensuring a living experience that surpasses residents’ expectations. We have big plans tor our living communities and we can’t wait to share more on this with you over the coming period.
2018 has been very exciting tor SODIC, and as the year comes to a close, we wish you a happy and prosperous new year for you and your family.