Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has signed a contract worth EGP 1.145 billion with MINKA Real Estate to sell a land lot spanning over 114,540 square metres in Taj City.

The company still owns lands plots for development in Taj City, Sarai, and West Assiut, according to the company’s disclosure to the Egyptian Exchange (EGX) on Thursday.

MNHD remarked that MINKA will implement a residential project, designed by SvN, a renowned Canadian urban planning and architecture firm, in Taj City.

Commenting on the deal, CEO of MNHD, Ahmed El Hitamy, said: “We enjoy our working relationship with MINKA, especially after the launch of The Hoft inside CBD, and we look forward to working closely with MINKA to bring our clients a diversified portfolio of products that we do not yet offer here at MNHD.”

Meanwhile, the CEO of MINKA, Abdallah Sallam, said: “Our partnership with MNHD through our land acquisitions in Taj City’s [Cobalt Business District] CBD has proven very successful with the launch of The Hoft. The superb location of Taj City along with the help of MNHD’s management team has encouraged us to establish yet another development inside Taj City.”

Noteworthy to highlight, in 2019, the company’s net profits decreased by 10% year-on-year (YoY) to EGP 1 billion from EGP 1.11 billion in the earlier year.