Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) received the Egyptian Civil Aviation Authority’s approval for additional heights in Taj City.

The approval will allow the real estate developer to build at heights up to 36 metres in some areas, leading to a potential additional built-up area of 1.2 million square metres (sqm), the company said in a bourse disclosure on Monday.

The additional built -up area, which includes 894,000 sqm of residential area and 306,000 sqm of commercial area, represents a 63% increase to the current remaining built-up area prior to new heights.

In March 2020, MNHD reached an agreement with the Armed Forces Land Projects Agency to acquire a land plot, spanning over an area of about 53,000 sqm, close to its Taj City project in exchange for several land plots covering a combined area of around 93,500 sqm in Nasr City.

Over the course of 2020, the urban developer achieved net profits of EGP 1 billion, slightly up from EGP 980.89 million in 2019, including minority shareholders’ rights.