Egypt’s urban developer Madinet Nasr Housing and Development (MNHD) announced, on Wednesday, that it has achieved record pre-sale contracts )reservations) for the year valued at EGP 7.01bn, a 11.3% increase over 2019.

The increase comes from strong demand on the company’s residential projects in Taj City and Sarai, as well as the sale of two plots of land to developers for residential projects.

MNHD has recently approved the sale of a plot of land measured 83,000 sqm for EGP 836m (approx. EGP 10,000 per sqm) to Sekoon for Real Estate Development to establish a residential development project in Taj City.

Earlier in March 2020, MNHD sold another plot of land in Taj City for EGP 1.145bn.

CEO of MNHD Ahmed El Hitamy said that his company is steadily executing its announced strategy to accelerate the development trend; backed by a diversified portfolio of projects and offerings in Taj City and Sarai.

In total, MNHD has more than 10,000 under-development units at five key projects in the Greater Cairo area.