Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD) has signed a partnership agreement with DMC to construct 13 buildings in Lake Park project in Taj City.

The total investment of the project is valued at EGP 350 million and is forecast to be delivered within 18 months, according to a press release on Wednesday.

The partnership further entails completing mechanical, electrical, and plumbing work (MEP) and finishing the façades.

"Lake Park Studios introduces a unique modular community that brings together a wide selection of vistas and modular, customisable homes. With a prime location at Taj City, Lake Park is surrounded by an enchanting park and a variety of water features. The studios vary in space ranging between 58 sqm and 200 sqm to cater to the various needs of customers," according to the statement. 

Spreading over 3.5 million square metres in a prime location on the ring road, Taj City is close to Cairo International Airport and is minutes away from East Cairo and Heliopolis. With a total sales volume of EGP 11 .8 billion, the flagship project is a remarkable milestone in MNHD’s 63+ years of presence in the Egyptian market.

Commenting on the new partnership, CEO and Managing Director of MNHD, Abdallah Sallam, said: "We have dedicated our efforts to accelerate the construction work as part of our strategy to boost development rates and achieve higher growth rates across our projects."

Noteworthy to mention, DMC is one of Egypt’s leading contractors and construction companies. Holding over 30 years of experience across diverse contracting capabilities, the company offers tailored services catering to different real estate sectors.

During the first half (H1) of 2022, the consolidated net profit of MNHD grew by 1.10% to reach EGP 231.12 million, compared with EGP 228.60 million in the same period a year earlier.