Madinet Nasr for Housing and Development (MNHD) targets more than EGP 7.5bn worth contractual sales of units and lands this year, said CEO of MNHD Ahmed El Hitamy.
He added that the company’s land bank is 9m sqm, of which 3m have already been developed and the rest will be developed within 10 years. The company’s total non-residential land is estimated at 1.5-1.6m sqm.
For the aim of diversifying its land bank, MNHD has acquired a plot of land of 104 feddan in Nasser city, West Assiut, for mixed-use development.
El Hitamy elaborated that the company’s strategy recently focused on selling lands to speed up the development process, so that it can develop its land portfolio in 10 years instead of 15 years.
Moreover, MNHD announced selling 114-sqm land in Taj City to Minka Investment for EGP 1.15bn. Liquidity is an important element to accelerate construction. Therefore, there are negotiations with a banking consortium of three banks to get EGP 2bn loan within two months.
El Hitamy said the company plans to deliver about 2,500 units this year within the company’s projects, while the units ready for delivery are more than 4,000 units.