EGP 5 bn in contracted sales targeted in 2017 -MNHD’s “Meet the Board”

Madinet Nasr for Housing and Development’s (MNHD) is on track to achieve its target of EGP 5 bn in contracted sales in 2017, said CEO Ahmed El Hitamy at a “Meet the Board” event in Taj City in Cairo which we attended. By the end of 1Q17, MNHD has already achieved 38% of the targeted EGP 5 bn in contracted sales from the second phase of SARAI, despite a 50% price increase compared to phase one. MNHD is targeting EGP 1.18 bn in profits in 2017, up from EGP 738 mn in 2016. The company is now focusing on its sales plan, on diversifying its land bank and investing in recurring income through administrative and commercial assets, said El Hitamy. MNHD expects the Taj City project to be completed within 10 years, but the time frame might be reduced to seven-to-eight years given the pace of contracted sales. The company’s SARAI project is expected to be completed within 15 years.