Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) announced that its pre-sales (contracted sales and reservations) for 2020 registered a record EGP 7.011 billion, up by 11.3% year-on-year (YoY) from EGP 6.3 billion.
The growth in pre-sales was driven by the robust demand for residential units in Taj City and Sarai, in addition to the sale of two land plots to developers of residential projects, the company said in a bouse disclosure on Wednesday.
MNHD is currently developing 10,000 units at five projects in Greater Cairo, the statement showed.
The CEO of MNHD, Ahmed El-Hitamy, said, “MNHD is steadily executing its announced strategy to accelerate the development trend, backed by a diversified portfolio of projects and offerings in Taj City and Sarai.”
During the first nine months of 2020, MNHD reported net profits of EGP 628.99 million, slightly down from EGP 630.98 million in the year-ago period.