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MNHD seeks to buy 104-feddan land in West Assiut

MNHD seeks to buy 104-feddan land in West Assiut
The property developer will pay an advance payment of EGP 34 million
Madinet Nasr Housing
MNHD
-0.45% 4.46 -0.02

By: Abdullah Bedeir

Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has submitted a request to obtain a land plot covering an area of 104 feddans (436.8 square metres) in Nasser City in West Assiut, head of Nasser City Authority Yasser Abdullah told Mubasher.

The property developer will pay an advance payment of EGP 34 million, or 10% of the total value of the land which amounts to EGP 340 million at EGP 780 per square metre, he added.

MNHD earlier submitted a request to buy a 600-feddan land in West Assiut for EGP 1.638 billion, but then asked for a 104-feddan land instead, he noted.

It is noteworthy that during the first nine months of 2019, MNHD posted a net profit of EGP 630.98 million, compared to EGP 869.07 million in the same period of 2018, the unaudited consolidated financial results showed.