Madinet Nasr Housing & Development (EGX: MNHD.CA, “MNHD”), Egypt’s leading urban developer, announced today that its Pre-Sales (contracted sales + reservations) for the 1H2020 reached EGP 3.78bn compared to EGP 2.06bn for the same period last year with an 83% increase y-o-y; Pre-sales were mainly driven by the strong demand in SARAI as well as the land plot sold in 1Q2020 for EGP 1.15bn.
Reported Pre-sales
Projects (EGP mn) | 1H2019 | 1H2020 |
Taj City | 569 | 363 |
SARAI | 767 | 2,038 |
Tag Sultan | 96 | 226 |
Commercial | 620 | - |
Other (Land) | 6 | 1,145 |
Total | 2,058 | 3,773 |
“We are very pleased with the pre-sales figures so far during this difficult time” said MNHD’s Chief Executive Officer, Ahmed El Hitamy. “We look forward to continuing this positive momentum as we enter second half of the year.”
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Madinet Nasr Housing & Development (MNHD) is a leading Egyptian urban developer. Since inception, the company has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo Area, which covers an area of more than 40 million square meters and is home to 3 million people. MNHD’s land bank includes 3.5mn sqm in a prime location inside Cairo across from Cairo International Airport (Taj City) and 5.5mn sqm in a strategic location on the Suez Road next to the new Capital City (SARAI). You can learn more about us on our website at mnhd.com.
Ahmed El Hitamy
CEO
MNHD
4, Youssef Abbas St.,
Nasr City, Cairo
aelhitamy@mnhd.com
Salah Katamish
Investor Relations Director
MNHD
4, Youssef Abbas St.,
Nasr City, Cairo
skatamish@mnhd.com
© Press Release 2020
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