Egypt's Zahraa Maadi sells three land plots for $3mln

The land plots span over a total area of 2,722 square metres

  
Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021.

Residential buildings are seen in the New Administrative Capital (NAC) east of Cairo, Egypt March 8, 2021.

REUTERS/Mohamed Abd El Ghany
Cairo – Zahraa Maadi Investment and Development announced the sale of three land plots dedicated for housing purposes in an auction.

The land plots, spanning over a total area of 2,722 square metres (sqm), were sold for EGP 47.8 million, the company said in a bourse disclosure on Sunday.

The company has postponed the sale of two residential land plots and three land plots dedicated for school projects as the bidding prices did not meet the minimum requirement.

All these land plots are located in Zahraa El-Maadi.

During the first half (H1) of 2021, Zahraa Maadi logged net profits of EGP 90.08 million, up from EGP 69.45 million in H1-20.

The sales rose to EGP 120.68 million in the six-month period ended 30 June from EGP 68.74 million in the year-ago period.

Source: Mubasher

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