Madinet Nasr Housing sells residential land-plot for EGP 1.15B

07 Mar 2020

Madinet Nasr Housing & Development (MNHD), Egypt’s leading urban developer, announced today that it has signed a contract selling a 114,537 sqm residential land plot in Taj City for EGP 10,000 / sqm totaling EGP 1,145,370,000 to MINKA Real Estate (“MINKA”) a Sallarn family venture led by Abdallah Nabil Sallam.

This conies in line with MNHD’s strategy to faster monetize its land bank. MNHD’s strategy also includes expanding its operations in other parts of Cairo and other governorates. It is worth noting that MNHD has a further c.2mn sqm remaining in Taj City, c.3.Smn sqm in SARAI and 436,800 sqm in West Assiout to be developed.

MINKA’s move to procure a residential land plot in Taj City was initiated after the successful launch of its hybrid property concept “The loft” in Cobalt Business District (“CBD”) last year offering co working space and serviced studios. MINKA will launch fully finished residential units, a product not currently offered by MNHD in Taj City, which will complement the offering to the clients of Taj City. The project is designed by SvN, a renowned Canadian urban planning and architecture finn. With MINKA’s anticipated project. SvN’s design concept is based on Canadian values of sustainability. diversity, and inclusivity through a community that prioritizes connectivity and safety, while maximizing local building materials, building orientation and greenery solutions.

MTNKA is an innovative real estate company offering novel and exciting products to the market in Taj City,” said Ahnied El Hitamy, CEO of MNHD. “We enjoy our working relationship with MINKA, especially after the launch of The Hoft inside CBD, and we look forward to working closely with MINKA to bring our clients a diversified portfolio of products that we do not yet offer here at MNHD,”

El Hitamy added. On a related note, Abdallah Sallam, CEO of MINKA expressed his enthusiasm for the deal saying, “Our partnership with MNHD through our land acquisitions in Taj City’s CBD has proven very successful with the launch of The Hoft. The superb location of Taj City along with the help of MNHD’s management team has encouraged us to establish yet another development inside Taj City, this time we’re employing a larger land plot and venturing into a unique and innovative residential offering.”

Taj City is a gated integrated urban community that boasts vast green spaces uniquely situated within the heart of Cairo, offering both the conveniences of city life and the comforts of suburban living. On completion, the c.EGP 100 billion Taj City project will provide a wide variety of high-end residential communities, medical facilities, an international school, and commercial areas with restaurants, shopping malls, an exhibition center and other attractions.

In total, MNHD has more than 10,000 units under development! design across eight key phases! projects in the Greater Cairo Area, offering exposure to a broad socioeconomic spctrum of consumers.

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