Egyptian developer Madinet Nasr for Housing & Development (MNHD) announced on Sunday the launch of the first phase of villa luxury project ‘Rai’ located within its flagship Sarai master plan in New Cairo.

The master plan of the 5.5-million-square-metre Sarai was developed by the internationally recognised architectural firm Benoy.

“We are happy to announce yet another launch as we start 2023 on a high note,” said Abdallah Sallam, President and CEO of MNHD. “With the launch of S Villas and townhouses in Rai, we continue to offer iconic housing offerings and diversify the real estate product in response to the evolving customer needs.”

In early March, MNHD had launched the second phase of 3.6 billion Egyptian pound ($116 million) residential project Clubside, located within Taj City development in New Cairo, and introduced ‘fractional property ownership; concept through The Hoft, a mixed-use property strategically located in the business district inside Taj City. The Hoft houses serviced apartments, administrative offices, co-working spaces and a commercial plaza, all in one building.

Read More: Egyptian developer MNHD reports $24mln net profit for 2022

(1 US Dollar = 30.95 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)