Property developer Sixth of October for Development (SODIC) said it signed a dispute settlement with the government.

The company agreed to pay EGP 900 million ($129 million) over seven years after a revaluation of its Eastown project in New Cairo.

The new settlement gives SODIC five years to develop the project.

Investment ministry has previously said that SODIC had revalued land bought from the state for the project and agreed to pay the difference over the sum it had paid initially.

The legal dispute related to the Eastown project in New Cairo, including offices, shops and homes in a development twice the size of London's 97-acre Canary Wharf district.