Egypt’s MNHD expects 2014 sales to hit EGP1bn

May 10, 2014 11:30 am

Egypt’s Madinet Nasr for Housing & Development (MNHD) has unveiled plans to complete the off-plan sale of 1,700 homes in its 300,000 sq m Tag Sultan project by early 2015, then launch another development of similar size, Reuters has reported. MNHD is also in talks with banks for a six-year, EGP500m ($71.3m) loan to help finance the completion of Tag Sultan and hopes to start delivering its first units by October next year, said general manager Ahmed El Hitamy. Contracted sales at MNHD more than doubled to EGP340m in 2012, thanks to the launch of Tag Sultan, then more than doubled again last year to reach EGP800m, Hitamy said, estimating the figure would rise to EGP1bn this year.