83% collection rate to date with number of delinquent clients reducing each month.
Invested EGP 4.2 billion in Egypt to date.
2- How much is SODIC's bank debt?
SODIC has invested EGP4.1 billion in Egypt today of which only EGP 132 million was borrowed, accounting to 3.2% of spending.
3- How much does SODIC owe to the government for land purchase?
96% of SODIC’s landbank is fully paid for. SODIC owes EGP154 million due to the Egyptian government over the next 5 years for the 340,000 sqm purchased as the Allegria extension.
SODIC Company shareholding
1- Who owns SODIC?
SODIC is a publicly listed company traded on the Egyptian Stock Exchange (ticker OCDI.CA).
2- Who are SODIC's shareholders?
SODIC is a publicly listed company with no single controlling shareholder. Its shareholders comprise of thousands of local and international shareholders including individuals, of which international institutions account for more than 50% of the company.
3- What is SODIC’s relationship to Mr. Magdy Rasekh?
Mr. Rasekh was the Company’s non-executive Chairman. Mr Rasekh offered his resignation on May 10, 2011 and it has been accepted.
4- How large is Mr. Rasekh’s share in SODIC?
Mr. Rasekh currently owns only 1,622.5 shares out of 90,676,348 shares, amounting to less than 0.0017%.
Legal position
1- What is SODIC's legal position to date?
No litigation.
No land withdrawals.
New licenses are being issued for current land.
2- What is the status of SODIC's land bank?
Land bank: 8.59 million sqm.
Land purchased according to applicable laws.
All land is highly developed: 61% developed; 16% underdevelopment.
96% of land bank is fully paid for.
Delivery schedules per development
1- What is the delivery status of Allegria, especially phases III (The Hill) and IV?
Phase I and II:
First 110 homes were delivered in 2010.
338 homes have been delivered to date.
Delivery progress on track for the rest of 2011.
Phase III and IV:
Awarded to Hassan Allam Construction and mobilisation is ongoing for delivery.
Delivery of Phase IV will commence in Q1 2013 and Phase III in Q2 2013.
2- What is the delivery status of Forty West?
Project on track to be delivered in 2013.
Hassan Allam have commenced construction on site.
3- What is the delivery status of The Polygon?
Project on track to be delivered in 2013.
SIAC contracting on site and construction is well under way.
4- What is the delivery status of Kattameya Plaza?
Construction ongoing for 33 of the 41 buildings as per schedule.
Project is on track to start delivery in December 2012.
5- What is the delivery status of The Strip?
Project on track for delivery starting 2012.
Al-Ruwad contracting site with six of 14 buildings near completion.
SODIC employee status
1- How many employees does SODIC currently have?
Direct employees: 1,965.
Indirect employees: 6,985.
SODIC sales
1- Has the SODIC team sold any units since January 2011?
252 new units have been contracted to date as of December 14th 2011 with a total value of (EGP 579,026,971). Please find the breakdown below:
54 units in Allegria.
15 units in Forty West.
23 units in The Polygon.
111 units in Kattameya Plaza.
7 units in The Strip.
22 units in Casa.
6 units in Beverly Hills.
Lease:
8 units in The Strip.
6 unit in The Polygon.
2- How has SODIC responded to the changing market demands?
SODIC has responded by launching:
The Polygon small offices in July 2011; 70% of available units were contracted at launch.
Westown Residences in December 2011, all units were contracted within 48 hours.
SODIC developments at a glance
1- Allegria:
90% of units contracted to date.
285 units have been delivered to date.
75% of Phases I and II are complete; 13.4% of Phase III is complete; 16.2% of Phase IV is complete.
Phases III and IV have been awarded to Hassan Allam Construction and construction is ongoing for on time delivery.
Construction is proceeding as planned in all phases and delivery will commence as scheduled.
2- Forty West:
65% of units contracted to date.
19.4% of the development is complete.
Hassan Allam have commenced construction on site with North Garden Buildings reaching their fifth level.
Project construction on track to be delivered starting 2013.
3- The Polygon Westown Business Park:
51% of units contracted to date.
17% of the development is complete
SIAC Contracting on site and construction is well under way.
Project construction on track to be delivered starting 2013.
4- The Strip:
37% of units contracted to date.
Phase I is 65% complete.
Six out of the 14 buildings near completion.
Delivery on track starting 2012.
5- Kattameya Plaza:
60% of units contracted to date.
25% of the development is complete.
Construction on track with 36 of the 41 buildings constructed.
Project is on track to start delivery in December 2012.
SODIC moving forward
SODIC strategy and way forward for 2011 & 2012:
1- Commitment to delivery:
Maintain execution of projects under construction.
Deliver all contracted units on time.
2- Launch new projects in Westown:
Launch residential and entertainment projects in Westown that cater to the current market conditions.
3- Middle income developments in Egypt:
Enter the middle income retail segment in Egypt’s secondary cities, beginning with the Mansoura Mall project.
Looking for the right land to enable entry into the middle income residential market. Units forecasted to range from EGP 300,000 to 500,000.
SODIC West
1- What is SODIC West?
SODIC West is a city made up of several SODIC developments interwoven together to create an Egyptian destination like no other. SODIC West neighbourhoods consist of: Beverly Hills, Allegria, Westown , CASA, Designopolis and The Strip. Westown, SODIC West’s vibrant downtown is being developed in collaboration with Solidere International, and will act as the heart of SODIC West. Blocks in Westown include Forty West, The Polygon Business Park and Westown Residences.
2- Where is SODIC West?
Located on Km 38 of the Cairo-Alexandria desert road, SODIC West is also accessible from Dahshour road off Juhayna Square.
3- How large is SODIC West?
96% of SODIC’s landbank is fully paid for. SODIC owes EGP154 million due to the Egyptian government over the next 5 years for the 340,000 sqm purchased as the Allegria extension.
4- What are the products on offer in SODIC West?
More than 5,000 varied residential units, ranging from 120sqm apartments to 1,500qm villas.
More than 4,000 Commercial units from 60sqm – 9,000sqm entire buildings
More than 3,000 retail units from 60sqm – 3,000sqm
5. What sort of Services & Amenities will SODIC West offer to its residents?
A world-class clubhouse for every residential neighborhood.
Egypt’s only Greg Norman Signature 18 hole golf course, The Allegria, managed by Troon international.
Full service medical centres.
Three schools catering to more than 2,000 students
Art galleries and world-class entertainment.
Arenas of public open spaces consisting of two amphitheatres and avenues that are linked by walkways, bike paths and central piazzas.
Health services: full service dental clinic and more than five pharmacies
Eating out and entertainment: More than twenty restaurants, lounges, cafes, bakeries and art galleries.
Services and utilities: Supermarkets, hair salons, hardware stores, tailors, banking services and dry cleaners.
Household services: landscapers, hardware stores, paint stores, plumbers, and tailors.
Gas station
Transportation to and from Lebanon Square.
24/7 Security within and without the Development outskirts. Our security officers are professionally trained and work in shifts to ensure any security need is met swiftly.
6. What is the status of SODIC West in terms of construction?
82% of SODIC West land is developed today accounting for 6,000 residential units and 618 office and retail units.
7. How many people will SODIC West host?
SODIC West boasts 6,000 residents today and has a catchment area of 60,000 people.
0.04 EGPLast traded: Wednesday 22nd February 2012 (14:29)
