Cairo – Mubasher: Madinet Nasr Housing and Development (MNHD), a leading property developer, on Tuesday announced it will sell a non-residential land plot in Taj City project to Minka Real Estate Investment for EGP 184.8 million.
Minka, owned by the Sallam family, has offered to buy a 3,360-square-metre land plot in Taj City at a value of EGP 55,000 per square metres to build the first hotel apartments building in the project, MNHD said in a statement.
It is worth noting that Taj City spans 3.5 million square metres, including nearly 600,000 square metres area dedicated for non-residential business.
MNHD last reported that its 2018 consolidated profits had surpassed EGP 1 billion for the first time.
The Cairo-based property developer logged an EGP 1.11 billion in net profits during the full-year ended 31 December 2018, compared to EGP 933 million in 2017.
Sales increased to EGP 2.7 billion last year, up from EGP 2.42 billion a year earlier.
