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MNHD to establish housing projects in the Delta in 2018: El Hitamy - Daily News Egypt

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MNHD to establish housing projects in the Delta in 2018: El Hitamy

First phase of Sarai project to be launched in the last quarter of 2016

Madinet Nasr Housing & Development (MNHD) aims to establish housing projects across governorates of Egypt, especially in the Delta, in 2018. The company also aims to increase its real estate land portfolio by acquiring new land throughout the current year.

MNHD general manager, Ahmed El Hitamy, said that the company aims to increase its sales after restructuring the sales department and opening a third sales branch this year.

The first phase of the company’s underway project Sarai is set to be delivered in the last quarter of 2016, he said, adding that the second phase will begin in the second quarter of 2017.

Sarai is a major project on an area of 5.5m sqm. Infrastructure of the project will cost EGP 2bn, according to El Hitamy.

He told Daily News Egypt that the company is seeking the approval of concerned authorities to amend the height of Sarai buildings to 21 metres instead of 15-18 metres, which would raise the value of the project’s land and make better use of it.

As for the company’s sales, El Hitamy said that the rise in sales resulted from the restructuring of the sales department, with support of indirect sales. He noted that MNHD is contracted with five real estate marketing companies.

Direct sales, however, is still active. El Hitamy said that the company has two sales branches, with a third coming before the end of the year.

El Hitamy said that the company aims to deliver 500 units in 2016. Those units cost EGP 500m to EGP 750m, with an average of EGP 1m to 1.5m per unit.

With regards to lands, the company aims to increase its real estate land portfolio, which currently stands at 9.5m sqm in Cairo and other governorates.

Moreover, the company plans to focus on the middle class in its coming projects in governorates, especially in the Delta region. The company is set to acquire new lands in 2017 and begin construction in 2018, he added.

As for standing projects, El Hitamy said that 25% of the T Zone project has been sold already. The targeted sales of the project are estimated at EGP 3.5bn to EGP 4bn. He noted that the company will inject further investments worth EGP 1bn in 2016.

MNHD has a number of real estate projects, such as Tigan, Al Waha, and Nasr Gardens.

The company’s paid-up issued capital stands at EGP 375m, divided across 375m shares with a nominal value of EGP 1 each. The shares are traded on the Egyptian Exchange at EGP 14.4.

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