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Thursday, 10 November 2016

Reservations on MNHD’s Sarai project exceeds EGP 1 bn

Madinet Nasr Housing & Development (MNHD) announced on Wednesday that reservations on its Sarai development reached EGP 1.06 bn since the launch of the project on Sunday. The company sold-out the 463 units of the project’s first phase on launch day. MNHD CEO Ahmed El Hitamy also announced that the company is finalizing talks over EGP 2 bn eight-year syndicated loans, according to Al Borsa. EGP 900 will go to funding Sarai, while EGP 600 mn will be directed towards its Taj City project, he added. The company is also raising its targeted sales projections for next year 15% to over EGP 4 bn to offset inflation, said El Hitamy.

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