Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) is currently considering the acquisition of additional 100 feddans for its new project, located in Nasser City in western Assiut, which currently spans over 104 feddans.

The property developer is also implementing an intensive programme for construction works at its SARAI and Taj City projects, according to a bourse disclosure on Monday.

Moreover, MNHD has started delivering the units of Zone T and will begin the delivery of SARAI units within the coming months.

In addition, the company is studying the securitisation of its receivables from 3,000 delivered units during the second half of 2021 as part of the company’s securitisation plan launched in 2019 with an initial portfolio worth EGP 370 million.

Over the first nine months of 2020, MNHD generated about EGP 4.5 billion in contractual sales, up by 21% year-on-year (YoY) with expectations to reach its goal of EGP 6-6.6 billion in 2020.

The company achieved net profits of EGP 628.99 million in the January-September period, slightly down from EGP 630.98 million in the year-ago period.