By: Ahmed Allam
Cairo – Mubasher: Madinet Nasr Housing and Development said it seeks to own land plots across Egypt’s different governorates in order to launch low and moderate income housing projects, managing director Ahmed El Hitamy told Mubasher in an interview.
There are number of land plots that are currently offered to the company by real estate companies as well as brokers. The company is likely to acquire number of them in 2017,” he added.
Madinet Nasr Housing owns around 9.5 million sqm of land, most of which is located in East Cairo.
The deliveries at Taj Sultan project reached 284 residential units, while around 25% of the second phase of Taj City project has been sold, added El Hitamy, noting that its sales value is estimated to reach EGP 3.5 billion to EGP 4 billion.
After completion, Taj City project will combine residential units, office buildings, a medical centre, hotels, restaurants, shopping malls, and other commercial ventures.
The company also develops SARAI project that is a 5.5 million sqm plot co-developed by Palm Hills located in New Cairo close to the New Administrative Capital and is expected to be completed before the end of 2019.
The company also recently approved a GDR programme, which allows foreign investors the opportunity to mitigate the risks associated with the Egyptian pound’s devaluation and, in turn, increase Madinet Nasr Housing investments for the future.
Translated by: Shaimaa El-Sarky
