OUR DEVELOPMENTS
01
OUR LAND BANK
With over 7 million sqm of land developed and more than 3.2 million sqm of high-quality built-up areas developed as of the end of 2016, SODIC has established itself as a clear market leader over the years, not merely in terms of scale but also through our consistent drive to raise the bar for design, construction, customer service, and community engagement.
Equipped with a solid brand reputation and a dispute-free land bank that expanded significantly in 2016, SODIC is positioned for a new era of accelerated growth. Our continued drive to diversify our reach and add new geographies and market segments to our portfolio, coupled with a healthy balance sheet, are also expected to propel our expansion outlook.
SODIC also remains focused on growing our recurring revenues base through increasing our gross leasable area (GLA). On this front, roughly 25% of our unlaunched and raw land is slated for retail and commercial use.
“ A 13+ Million SQM Land Bank. ”
02
WEST CAIRO
Beverly Hills, SODIC’s first venture, is a 1.75 million sqm mixed-use residential development boasting over 2,980 villas, townhouses, and apartments surrounded by spacious green landscapes and offering residents social and commercial services including a sports club, two international schools, a medical centre, and retail outlets. With its wide streets and cycling lanes, Beverly Hills has grown into a cosy yet vibrant community and is a highly coveted address in West Cairo.
The development was the first ever large-scale residential compound in Sheikh Zayed City, off the Cairo-Alexandria Desert Road. Since deliveries started in 2001, it has generated in excess of EGP 1 billion in revenue for the company.
SODIC’s flagship project, Allegria, is an award-winning residential development designed by a consortium of local and international architects, including Michael Graves, Arguitectonica, Mark Mack, Kamel Consultants and Research Group, Shahira Fahmy, Tamer Anani, and Laithy Mekawy. Covering 2.4 million sqm of land, including a stunning landscape of green areas that surround an 18-hole Greg Normal Signature Golf Course, the development was launched in 2007 and its success helped reposition SODIC as a leading developer in the luxury segment.
Allegria includes over 1,250 villas and townhouses and a clubhouse plot that spans 32,000 sqm. In 2008, the British International School Cairo (BISC) moved its campus from Zamalek and is now situated right next door to the development. Unit delivery began in 2010 and is nearly completed today.
An exquisite blend of Mediterranean spirit and cutting-edge architecture, Forty West is an exclusive development that boasts spectacular, fully furnished apartments, offices, open spaces, and a luxurious hotel. The project was designed by internationally acclaimed Boston-based Machado and Silvetti Architects. At the heart of Forty West is the 2,500 sqm piazza, a stunning space inspired by Barcelona’s Plaza Real. Forty West was given the Zimmer+Rohde Interior contract award in 2013.
Forty West includes 221 fully furnished apartments, each with a unique interior and spacious floorplan designed by the award-winning interior design house Eklego and incorporating the latest building technologies and highest international specifications that include double glazed windows, luxurious floorings, indoor fireplaces, and capacious terraces.
Launched in 2011, Westown Residences offers a premium range of homes including townhouses, twin-houses, city villas, signature lofts, duplexes, and apartments. The development marked SODIC’s first move into this deeper segment of the market, highlighting our flexibility and capacity to adapt amid changing market demands.
The development is characterised by stunning architectural designs that complement the beauty of their surroundings, while incubating an unparalleled sense of community that reflects the diverse needs, tastes, and lifestyles of the residents it caters to. A fusion of the city’s vibrant feel with the calm retreat of suburban living, Westown Residences is embellished with spacious gardens, parks, and open green spaces. The secure gated community is designed around the Pedestrian Green Spine, which acts as a recreational facility and gateway to the rest of Westown. The development is also a short walk from Allegria, BISC, Forty West, The Polygon, and the restaurants and cafés located in Westown Hub and The Strip.
Since its launch, 10 phases of Westown Residences have been sold, reflecting the strong success and demand for the project. As of year-end, 80% of the project had been delivered.
The Courtyards showcases homes designed by SODIC’s very own in-house design team, making the living spaces one of a kind. Located in the heart of Westown and launched in 2014, the development comprises of five interlinked courtyards, around which the buildings are arranged, offering green views and private parks for residents.
The project marks our continued mission to develop family products in Westown, a feat that has bolstered and built upon the success of Westown Residences.
The first business park in Westown, The Polygon was designed by the multiple award-winning UK-based architects, Wilkinson-Eyre, and includes eleven ‘Class A’ office buildings aimed at capturing the increasing demand for purpose-built office space in Cairo. The development boasts over 50,000 sqm of state-of-the-art office spaces.
Located on kilometre 38 of the Cairo-Alexandria Desert Road, a short drive away from Sheikh Zayed, 6th of October Industrial Zone, and Abou Rawash, The Polygon enjoys a prime location in the heart of West Cairo and is specifically designed to accommodate a myriad of both smaller and larger businesses who have the option of buying or renting from 67 sqm modules to full 9,000 sqm buildings.
The business park is also within walking distance from Allegria, Forty West, BISC, and Beverly Hills, and is close to the new Rod El Farag Mehwar, which will directly link Westown to Central Cairo. The development earned SODIC recognition as the best developer in the office/business category by Euromoney in 2014 as well as Cityscape 2016.
Launched in May 2015, Westown Hub marks SODIC’s first recurring-revenue property. Designed by leading Egyptian architectural firm Hassan Abu Seda, Westown Hub consists of five multi-level buildings that circle a central piazza, home to some of Cairo’s finest restaurants and cafés. The pedestrian-friendly landscape that is embellished with serene fountains and beautiful greenery promotes a unique retail and entertainment experience.
The development offers a variety of entertainment outlets, including top brand retailers, small boutiques, and relaxing shaded courtyards making Westown Hub an ideal destination for a small family retreat or friendly gathering. The project serves over 6,000 homes in SODIC West, positioning Westown Hub to be a coveted and popular destination in Westown Cairo.
The Strip, a modern, streamlined, and easily accessible commercial project, introduces a new shopping-mall concept to the Egyptian market. The mall is comprised of adjacent shops linked together by a walkway for the ease of customer mobility. The Strip offers a relaxed and contemporary environment that features multiple shops, banks, and eateries. The cocktail of mixed retail shops, personal services, restaurants and cafés, supermarkets, financial and courier services, and automotive showrooms and services, offers a range of products in a circumscribed space that celebrates comfort and entertainment to the effect of creating a popular leisure space.
Westown Medical Centre is our first fully integrated medical facility in SODIC West and includes the renowned pre-natal and post-natal El Nada Hospital, as well as SODIC’s own comprehensive Westown Clinics.
Our flexible clinic modules that can evolve with every advancement, the expansive areas dedicated to medical centres and polyclinics, and our world-class labs and radiology centres all ensure exceptional and fully integrated resources for our doctors.
The structure is built in interlocking L-shaped buildings that encompass a central garden, providing the majority of clinics with access to open space overlooking a vast and serene view.
In addition to the medical facilities, the development encompasses a number of retail outlets designed to complement the comprehensive nature of a medical destination, and are planned to include a bank, a pharmacy, as well as cafés and restaurants. The first phase of the project was launched in 2016.
03
EAST CAIRO
Built on an 860,000 sqm landscape of stunning greenery, Eastown Residences is Eastown’s gated residential neighbourhood that offers spacious apartments and duplexes. Since its launch in 2013, Eastown Residences has shown phenomenal success in terms of sales levels and price appreciation.
The development’s prime location on Road 90 in New Cairo places it in close proximity to the American University in Cairo and only a short drive away from Cairo International Airport. This location complements our strategy and future plans to build commercial and office spaces in the area, which will have a significant impact on our portfolio of properties and recurring-income stream.
Located only minutes away from the American University in Cairo and Future University, Kattameya Plaza raises the bar for contemporary apartment living in Egypt. Designed and master-planned by ArchGroup — the world-class firm behind the design of Grosvenor House in Dubai — and landscaped by Evergreen, Kattameya Plaza is the perfect place for those looking to strike the ideal balance between a healthy lifestyle and the comfort and security of a gated residential community, alongside the amenities of a flourishing suburb.
Amenities include 24/7 property management and security services, a convenience quarter housing a supermarket, a nursery, a gym, a pharmacy, laundry services, restaurants and cafés, three swimming pools (with one specifically designed for children), secure play areas for children, jogging paths, a multipurpose sports field, and community areas. Delivery was completed in 2016 with current occupancy of c.40%
Villette is SODIC’s first single-family development in East Cairo. The project, strategically located at the centre of New Cairo, was master-planned by the world-renowned American firm SWA and comprises several neighbourhoods constructed around a village centre. It offers approximately 2,000 units that range from standalone villas to apartment buildings.
Villette offers its residents all the benefits of a luxurious suburban development: outdoor space, activities, and tranquillity, alongside a socially engaging town centre.
04
NORTH COAST
Launched in 2015, Caesar marks SODIC’s first secondary-home development on the Mediterranean North Coast. Caesar offers a community of homes built on terraced levels with unobstructed sea views and a beachfront that stretches over 1 km. Caesar is poised to become one of the most exclusive residential communities on the North Coast.
05
UNDEVELOPED LAND BANK
Expanding our land bank has been the core of our growth strategy for the past three years. Our ability to swiftly monetise our plots and replenish our portfolio with quality deals empowers us to grow while efficiently managing our resources. Our current land bank of 5.3 million sqm secures strong visibility for our residential sales as well as our budding commercial portfolio. We continue to seek new opportunities supported by our strong balance sheet to expand and diversify our land bank.
2016 marked the signing of SODIC’s first revenue-sharing venture agreement with Heliopolis Housing in March. The deal supports our continued commitment to our calculated expansion strategy to increase SODIC’s land bank and pursue new avenues for growth and attests to both the company’s ability to undertake projects of scale but also agility to pursue different deal structures. The addition of this 655-acre plot in New Heliopolis brings our undeveloped land bank to a total of 5.3 million sqm.
West Cairo
Al Yosr
This 1.26 million sqm plot is situated on the outskirts of West Cairo on the Cairo-Alexandria Desert Road. SODIC has delayed its plans to develop the land until the new highway connecting Central Cairo to the North Coast is developed as it is expected to increase returns, bringing the area closer to the city. The Al Yosr land is zoned for residential use with an allowable BUA that has increased to 7% from a previous 2%, which, coupled with a cost of c.EGP 300 per sqm, makes its development profitable as it stands.
6th of October
In September 2015, SODIC acquired a 30-acre plot of land in the heart of 6th of October. The plot was secured through an auction held by the New Urban Communities Authority (NUCA). The land was purchased for a total of EGP 211 million, at 1,677 per sqm, payable to the government over four years.
Master planning for this new plot of land has been finalised, with sales expected to launch in the first quarter of 2017. The project will be comprised completely of apartments, similar in nature to SODIC’s Kattameya Plaza in East Cairo.
SODIC West
As of December 2016, only c.300,000 sqm of the total 7 million sqm that is SODIC West remained undeveloped. The remaining plots are predominantly commercial land slated to contribute to the build-up of a sizable recurring income portfolio. In addition, 2017 will witness the launch of the last residential projects in SODIC West — One 16 and Auerea.
East Cairo
New Heliopolis
In March 2016, SODIC signed a co-development agreement with Heliopolis Housing and Development Company, adding a 2.75 million sqm plot (655 acres) in East Cairo to our development pipeline. The plot is strategically located in New Heliopolis off the Cairo-Suez Road and directly adjacent to Al Shorouk City, the natural extension to New Cairo.
The co-development project is expected to house around 8,600 residential units in addition to commercial and retail properties. SODIC will be in charge of all internal infrastructure and construction work along with sales and marketing activities, and Heliopolis Housing will provide all external infrastructure to the land plot.
As per the terms of the agreement, SODIC is entitled to 70% of residential revenues and 69.8% of retail and commercial revenues. The minimum land plot guarantee has been valued at c.EGP 5.01 billion, payable in unequal annual instalments throughout the project lifetime, which is expected to be around 10 years.
Villette
We continue to launch new residential inventory in Villette, with 2017 set to mark the first launch of multiple family units there. Approximately 40% of the land remaining is expected to continue to contribute to our sales backlog for the next two years.
Eastown
With c.100,000 sqm of residential land unlaunched, SODIC has almost completely monetised the residential portion of this strategically located plot in the heart of East Cairo. Our development efforts going forward will focus on the commercial property set on 150,000 sqm of prime land directly on Road 90, the high street of East Cairo, and adjacent to the American University in Cairo. The project will be the cornerstone of our recurring-income portfolio, with construction expected to be completed by 2020.
What was once an open expanse of 10 million sqm of undeveloped land on the outskirts of Cairo, SODIC West stands today as a dynamic blend of master-planned communities with sprawling green areas and an extensive network of services and amenities.