Madinet Nasr Housing and Development (MNHD), Egypt’s urban developer, announced today that its pre-sales in contracts and reservations for the year 2018 reached a record EGP 5.5bn. This amount was achieved primarily from the company’s projects, Taj City and Sarai, which achieved EGP 2.6bn and 2.3bn respectively, according to a press statement on Wednesday.
The company reported that Taj City’s pre-sales reached EGP 2.575bn in 2018, compared to EGP 1.890bn in 2017, meanwhile, Sarai’s pre-sale reached EGP 2.325bn in 2018, compared to EGP 3.128bn in 2017.
The company has achieved significant pre-sales in the Tag Sultan project to achieve EGP 216m, compared to EGP 4m in 2017. It has also achieved EGP 32m in the pre-sales of its Primera project in 2018, compared to EGP 6m in 2017, and recorded EGP 188m pre-sales in 2018, compared to EGP 135m in 2017 in its Capital Gardens project.
The company noted that the company’s projects total pre-sale value in 2018 reached EGP 5.495bn, compared to EGP 5.163bn in 2017.
MNHD also pointed out that the company has delivered 478 units in its Tag Sultan project in 2018, compared to 538 units in 2017, and delivered 310 units in its Primera project in 2018, with total deliveries of 788 units last year, compared to 538 units in 2017.
“We are extremely happy to reach our communicated targets this year,” said MNHD’s CEO, Ahmed El Hitamy, adding, “MNHD continues to grow on the back of its projects, Taj City and SARAI.”
El Hitamy commented that MNHD recorded deliveries of 788 units, while keeping its promise to deliver its units on time to clients.
In total, MNHD has more than 10,000 units under development and design, at five different projects in the Greater Cairo area, he further elaborated.
MNHD 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’s land includes 3.5m sqm in Cairo, with Taj City extending across the Cairo International Airport, and SARAI extending across 5.5m sqm in a strategic location on the Suez Road next to the New Administrative Capital.