Cairo - Madinet Masr, previously known as Madinet Nasr for Housing and Development, has launched its first project in Assiut Governorate Zahw, according to a press release.
Zahw comes in line with its expansion strategy and growth plans to deliver new schemes and widen its geographical footprint. The development project spans a total of 104 acres in the western part of Assiut, encompassing more than 1,250 residential units.
The first phase of the project includes 297 units of different sizes and types on a total built-up area of 63,000 square metre, ranging from standalone villas, twin villas, townhouses, and family villas to Z-villas.
Abdallah Sallam, President and CEO of Madinet Masr, said: “This project reaffirms our commitment to our expansion strategy, reflects our growth vision and ambitions for the Egyptian market, and represents our first step to activating Madinet Masr’s expansion strategy in new areas beyond Cairo and developing our land bank.”
In the first quarter (Q1) of 2023, the EGX-listed company achieved 152.93% higher consolidated net profits after tax at EGP 304.36 million, compared to EGP 120.33 million in Q1-22.
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