SODIC Signs on Mobica for Two Commercial Spaces in Westown

SODIC announced today that it has reached an agreement with mobica, Egypt’s largest manufacturer/retailer of office furniture, to develop its headquarters and a showroom in Westown. Mobica is acquiring the right to develop 11,338 sqm of built up area over 6,542 sqm of land for EGP50 million.  The transaction values Westown's commercial built up area right at EGP 4,000 and gross land at EGP6,000 per sqm and  follows a series of similar transactions that bring some of the leading Egyptian and regional institutions as anchor tenants to Westown's commercial component. The transaction brings SODIC's new contracted sales during 2010 to EGP 1.23 billion.
“Eastown and Westown are attracting some of the most respected regional institutions such as Shaker Consultancy Group, SIAC, Energya, and Mobica as the locations of their corporate base. Those transactions along with our Polygon business park are helping make Eastown and Westown the leading destination for Companies looking to set up their corporate offices in Cairo. We are very excited about our performance so farthis year. Our strong sales performance to date is a result of our expanding list of diversified inventory that include commercial, residential, retail, and sub developments” stated, Maher Maksoud, CEO of SODIC. 
Eastown and Westown are two mixed use city centres developed by SODIC, in partnership with Solidere International, to offer residents a city lifestyle with residential, commercial and retail areas. They are comprehensively master-planned with high density and walkable city-centres.  Eastown is situated in Kattamaya/New Cairo in the east, while Westown is at the centre of Sheikh Zayed/Sixth of October City in the west. These two mega-projects will utilize an approximate combined 3,000,000 sqm of built up area.