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ArabFinance: Madinet Nasr Housing and Development (MNHD) announced its pre-sales (contracts and reservations) for 2020 reached EGP 7.011 billion, according to MNHDs statement filed to the Egyptian Exchange.
The company attributed the 11.3% year on year increase in pre-sales to demand on Taj City and Sarai projects, as well as the sale of two lands for residential projects.
It is worth mentioning that the board of directors approved the sale of 83,000-square-meters land in Taj City for EGP 836 million.
Earlier in March 2020, MNHD sold another land in Taj City of EGP 1.145 billion.
MNHD stated that the value of the mandatory tender offer for its subsidiary Nasr Company for Civil Works does not represent the potential fair value.
MNHD is an Egypt-based real estate development company that is engaged in activities related to the development of land, buildings, and facilities, including the acquisition of lands as well as real estate sales and rentals. This is in addition to providing all types of facilities for reconstruction in Nasr City and other areas nationwide.
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