Egypt’s Madinet Nasr Housing eyes contractual sales $168 mn in 2016

Egypt’s leading real estate developer, Madinet Nasr Housing and Development (MNHD) aims to record contractual sales of 1.5 billion Egyptian pounds ($168 million) in 2016, managing director Ahmed El Hitamy said Sunday.

Nasr City Housing, a formerly-state run firm founded by the government in 1959 and now 30 percent owned by Beltone Private Equity, has  recorded contractual sales of 870 million pounds in 2015.

The company plan’s concentrates mainly on implementing projects on its own lands using partnership with other property developers.

Accordingly, Palm Hills Developments has signed a contract with Madinet Nasr for Housing and Development (MNHD) to develop Capital Gardens, New Cairo.