Ayman Amer: “SODIC” achieved sales of 30 billion pounds in 2023
Eman Amer, general manager of SODIC, announced that each company has its own distinctive features in the Urban Development markets, and each company has its own identity from the rest of the other companies.
Ayman am added: When the alliance of”Aldar Emirates” and adq Holding acquired SODIC, it focused heavily on the points that need development and development at SODIC, and provided it with support that develops it and achieves excellence and uniqueness.
He also added: For example, there is a clear case of development in sustainability platforms, corporate governance rules and technological systems, which enabled SODIC to lead the Egyptian real estate development market.
We have also acquired 180 acres as an extension of the Caesar project in the north coast, and the project was launched within a record time of no more than 3 months, and we have signed a participation contract to develop 440 acres in the north coast, and we are even studying new investment opportunities.
Engineer Mohammed Adel continued: the company not only did this ,but achieved sales in 2021 worth 11 billion to 30 billion pounds in 2023, which represents a threefold growth in sales since the acquisition.
In addition to directing the company’s investments towards new integrated sectors, such as the field of hospitality and hospitality through the brand “Nobu” and all these successes achieved by SODIC after the acquisition of “Aldar Emirates”, which provided a lot of support and added values to the company.
He added: I believe that speeding up the pace of the construction process is the best way to reach a successful real estate equation, in order to avoid any sudden changes in inflation rates, and this is what SODIC is currently following, and when customers see that the rate of construction in their units is going faster than usual, this gives them more confidence and adds to the developer more credibility to support his future customer base.
He continued: this methodology was followed by SODIC, through which it was able to achieve a 162% increase in profits in just one year, because revenues are recorded according to execution and delivery processes, not contractual sales, and that policy succeeded in reducing the cancellation rates of contracts to 4% instead of 6%, as well as reduced the rate of payment delays from 5% to 2%, and this confirms the company’s success in selling at a controlled price with execution at maximum speed.
And continue: this is the methodology of “SODIC” and the way for any successful developer..It should also be noted in this equation the need for hedging in all its forms, and for SODIC, liquidity was used in hedging, as the hedging ratio in our projects reached 2 billion pounds, and that percentage contributed to covering costs during 2023 and 2024, in addition, we will reopen the sale during the current period.
Adel said that given the best term for installments, I think that the installments should range from 4 to 5 years so that the developer does not suffer from inflation rates in the long term, while with the current high prices, this short period may not suit many customers.
Therefore, we have raised the installment period to 6 and 7 years, while the units ready for delivery are divided into 3, 4 or 5 years, and in general companies should not be tempted to sell by increasing the installment years even more.
