SODIC, Al Safy Group seal revenue share agreement to launch residential project

Updated 7/11/2023 11:11:00 AM
SODIC, Al Safy Group seal revenue share agreement to launch residential project

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.

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