Madinet Nasr Housing and Development (MNHD) expects to achieve off-plans sales and reservations of EGP 6bn – EGP 6.5bn during 2020. The company has already recorded EGP 4.5bn in sales and reservations during the first nine months (9M) of 2020, with an increase of 21% year-on-year (YoY).
Naeem Research sees that the company usually targets YoY increase in sales of 10%-15%, which is also the target for 2021. Moreover, the company is focusing largely on construction work in Taj City and Sarai, and has already started to deliver units in Zone T, with plans to start delivery of units in Sarai within the coming months.
MNHD also plans to securitise receivables of some 3,000 units that are expected to be delivered by the second half (2H) of 2021. It is considered as an extension to the plan launched in 2019 with initial receivables portfolio of EGP 370m.
MNHD is also studying to purchase another 100 feddan as an extension to its new project in west Assuit, which is being developed on an area of 104 feddan.