Madinet Nasr for Housing and Development (MNHD) announced on Tuesday its approval to sell a 3,360 sqm land plot for a total of EGP 184,800,000, for EGP 55,000 per sqm to Minka Investment (MI).
MNHD, one of Egypt’s leading urban developers, said that the board of directors of the company, during their meeting held on 25 March 2019, has accepted an offer from MI, which is a Sallam family venture led by Abdallah Nabil Sallam, requesting to buy a non-residential land plot inside the Cobalt Business District (CBD), the first phase of Taj City’s office park, to develop the first hotel apartments project inside the CBD.
The Taj City has a total area of 3.5m sqm, out of which, 600,000 sqm is dedicated to the non-residential segment.
