Arab Finance: Sixth of October Development and Investment Company (SODIC) has signed a revenue share agreement with Al Safy Group to establish and develop a tourist residential project on two neighboring land plots spanning an area of around 440 feddans in the North Coast, according to a disclosure on July 11th.
As per the agreement, the landowner’s share of revenue generated from the sale of the project's units will account for 27%, while SODIC’s share will represent 73% without a guaranteed minimum.
The project is expected to secure around EGP 80 billion in gross contracted sales over 11 years.