Mubasher: Pharos Research reiterated ‘Buy’ recommendation on Madinet Nasr for Housing and Development due to impressive sales, namely after launching its new development project Sarai.
Sarai land plot is located in a 5.5 million square meters land plot near the New Administrative Capital and houses 1,300 units on an area of 0.2 million square meters, the firm said in the report, adding that the project contributes EGP9.87 per share to the estimated total fair value of EGP20.39 a share.
Moreover, the firm believes that the market price still does not reflect the value of the development project.
The company reported a 520.4% year-on-year increase in its contracted sales for August 2016 at EGP 519.1 million, bringing the company’s Quarter-to-date (QTD) contracted sales to EGP 737.6 million and setting the record as the company’s highest monthly contracted sales.
The report attributed this increase to “T Zone, the firm’s development project located on its Taj City land plot in East Cairo at the intersection of the Ring Road and the Suez Road”.
