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Press Release - Aug 24, 2022
Record-breaking performance for the month of July was boosted by the launch of Elect at Taj City.
Cairo, 22 August 2022 – Madinet Nasr for Housing & Development (“MNHD” or “the Company”), one of Egypt’s leading urban community developers, announced today that the Company recorded EGP 1.5 billion in total sales for the month of July 2022. This marks the Company’s record figure for reservations in a single month. Activity was driven by the launches of Elect and Taj Ville, as well as sales of ready-to-move inventory and activity at Croons and Taval at Sarai.
Historically strong sales activity indicates the Company’s ability to leverage healthy consumer demand despite macroeconomic uncertainty and testifies to the great potential of MNHD’s undeveloped land banks at Taj City and Sarai for profitable residential and commercial development. MNHD’s record-breaking performance for July also came despite the month falling during the traditional summer low season for real estate activity in the East Cairo market, further demonstrating the Company’s ability to leverage its quality offerings to drive sales growth across various developments.
July sales were boosted by the launch of the first two phases of Elect. A new 167.2-thousand-sqm development launched at Taj City in the final week of July, Elect sits at an elevation of nine meters above the rest of Taj City and offers homebuyers a unique selection of one-story, two-story, and Z-villas. MNHD sold 50 percent of the development’s first phase within two days of launch, recording approximately EGP 400 million in sales. More than 50 percent of both phases at Elect have now been sold.
“Our performance for the month of July is a strong indicator of MNHD’s operational strength,” said Abdallah Sallam, CEO of MNHD. “The Company’s record-breaking sales for the month are a testament to the great potential of our offerings and the Company’s new turnaround strategy. Our priority is to continue delivering sustainable and healthy growth each quarter and to keep our clients satisfied.”
