Madinet Nasr Housing and Development (MNHD) announced on Monday that it made sales contracts with a value of EGP 3.8bn during 2016, generating more than four times the value of their sales contracts in 2015.
According to the company’s statement, the value exceeded the initial budget of EGP 2bn and surpassed contracted sales of 2015 worth EGP 876m.
MNHD said that such value was achievable due to the company’s flagship project Taj City, which recorded EGP 2.1bn in contracted sales, followed by the launch of SARAI, which recorded sales worth EGP 1bn on its launch day.
MNHD sold its entire inventory in Taj City and SARAI, and is preparing new launches by February/March of 2017 with new inventory.
MNHD’s CEO Ahmed El-Hitamy said that the company is extremely happy with its contracted sales in 2016.
“We look forward to keep this positive momentum, benefiting from the equity of our strong brand names SARAI and Taj City. We aim to raise the bar higher in 2017”, he noted.
In total, MNHD has more than 8,000 units under development or design at five key projects in the Greater Cairo area.
The company has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo area, which covers an area of more than 40m sqm and is home to 3 million people.
MNHD has a land bank which includes 3.5m sqm in a prime location in Cairo across from Cairo International airport (Taj City) and 5.5m sqm in a strategic location on the Suez Road next to the New Administrative Capital (SARAI).
