By: Abdullah Bedeir

Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has paid 10% of the value of a land plot covering an area of 104 feddans (about 436,800 square metres) in West Assiut as a down payment, head of Nasser City Authority, Yasser Abdullah, told Mubasher.

The down payment represents 10% of the total value of the land which amounts to EGP 340 million, or EGP 780 per each sqm, Abdullah added.

The real estate developer awaits the issuance of the land allocation decision in order to establish an urban residential project over the mentioned land, he noted.

Earlier in November, the company’s board of directors approved to purchase a land plot in Nasser City in West Assiut.

It is noteworthy that during the first nine months of 2019, MNHD’s net profit slid to EGP 630.98 million, compared to EGP 869.07 million in the corresponding period a year earlier, the company's unaudited consolidated financial results showed.