Cairo – Mubasher: Zahraa Maadi Investment and Development announced the sale of a land plot dedicated for residential purposes in Zahraa Maadi neighbourhood in a public auction.

Spanning over an area of 898.75 square metres (sqm), the land plot was sold for EGP 15.7 million or EGP 17,500 per sqm, the company said in a statement to the Egyptian Exchange (EGX) on Tuesday.

The company postponed the sale of two other land plots as bidders didn’t reach the minimum price selected by the seller.

It is worth mentioning that during 2019, Zahraa Maadi posted net profits of EGP 177.08 million, up from EGP 152.56 million in 2018.