Madinet Masr (MASR.CA) has announced that it has surpassed its annual sales goals for 2023 in just nine months, achieving record-breaking sales that exceeded the total sales of any previous year since the company’s establishment. The company expects its sales to reach EGP 20bn for the first time in its history by the end of the year.
The company’s remarkable performance was driven by the rapid sale of over 2,400 units across various projects within short timeframes. For example, the Elan project in Sarai, which consists of more than 300 units in its first and second phases, was sold out completely shortly after its launch in May and June, generating a total value of EGP1.4bn. Similarly, the Club Side project in Taj City, which offers over 1,200 units, achieved sales totaling EGP6bn, with the fourth phase selling out in just one month.
Additionally, all units in the Kinda project were sold during the first nine months of 2023, generating EGP1.9bn of sales. Moreover, the first phase of the Rai project in Sarai recorded sales worth EGP2.9bn, with a total of 350 units sold within six months.
Abdallah Sallam, President and CEO of Madinet Masr, stated: “These record-breaking numbers not only demonstrate the resilience of the Egyptian real estate market and its capability to overcome challenges but also motivate us to set higher goals to solidify our leading position in the Egyptian real estate development market, leveraging our extensive experience that extends over 64 years.”
Sallam also noted that 80% of the Origami project was sold within just one month after its launch in August. This marks the first project launched by Minka following its acquisition by Madinet Masr. A total of 320 units were sold, amounting to EGP3.5bn in sales.
