EgyGab buys land from MNHD for $127mln project

The real estate developer aims to build 1,600 housing units in Taj City project

  
Image used for illustrative purpose. A general view of construction equipments on the new road to Saint Catherine, in the Sinai Peninsula, south of Cairo, Egypt December 11, 2018.

Image used for illustrative purpose. A general view of construction equipments on the new road to Saint Catherine, in the Sinai Peninsula, south of Cairo, Egypt December 11, 2018.

REUTERS/Amr Abdallah Dalsh
 

EgyGab developments signed a land purchase agreement with the listed Madinet Nasr for Housing and Development (MNHD) to implement a residential project of more than EGP 2 billion in investments, Al Borsa News reported on February 28th.

EgyGab bought the 83,000-square-meter land plot that is situated in east Cairo for EGP 836 million.

The real estate developer aims to build 1,600 housing units in Taj City project, which is expected to be offered for sale during the third quarter of 2021 and until the end of the year.

Last month, EgyGab Holding CEO Mohamed Gaballah led a seed round for real estate listings platform Isqan.com.

MNHD, meanwhile, has achieved a consolidated net profit of EGP 1 billion in 2020.

Copyright © 2021 Arab Finance Brokerage Company All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Real Estate