By: Abdullah Bedeir 

Cairo – Mubasher: Nasser City Authority is expected to allocate a land plot over an area of 600 feddans to Madinet Nasr Housing and Development (MNHD) within a month, head of the authority, Yasser Abdullah, told Mubasher.

The real estate development company has submitted an offer to obtain a land plot in West Assiut in order to build an urban residential project, Abdullah noted, adding that MNHD will be obliged to pay 10% of the cost of the land within a month. 

The land is valued at EGP 650 per square metre, an informed source revealed. 

Accordingly, MNHD will pay EGP 163.8 million as an advance payment out of the total value of EGP 1.638 billion to obtain the land.

During the first half of 2019, the company’s net profit declined to EGP 515.686 million, compared to EGP 611.728 million in the year-ago period.