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Arab Finance: Madinet Nasr Housing and Development (MNHD) has launched the first phase of Elect, its latest development at Taj City project in New Cairo, according to a press release filed to the Egyptian Exchange on August 2nd.
Since the launch of the project on July 26th, the company has sold 50% of Elect’s first phase, with sales recording about EGP 400 million in two days.
Elect is a 167,200-square-meter development comprising three distinct zones, offering homebuyers a selection of one-storey, two-storey, and z-villas that range in size from 145 to 265 square meters (sqm).
The successful launch of Elect comes as part of the company’s continuous development of its land bank at its 3.5-million-sqm mixed-use Taj City.
It is noteworthy that over 43% of MNHD’s land bank at Taj city was not launched at the end of the first quarter (Q1) of 2022.
MNHD is an Egypt-based real estate development company that operates in the development of land, buildings, and facilities.