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.

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