Madinet Nasr for Housing & Development Holding (MNHD) has announced sales of the first phase in the its new residential compound Sarai in New Cairo, Al Borsa reported.

The total value of down payments has recorded EGP 815 mn for 463 units thus far. The project will be built on an area of 5.5 mn square meters, and will includes residential units, office spaces, and entertainment centers. The first phase of the project spreads on an area of 220,000 square meters and includes 1,300 residential units with sizes ranging from 120 to 240 square meters.

The company has also built villas ranging from 260 to 295 square meters, and 80% of the total area of the project will be dedicated for an artificial lake, public areas, and greenery.

MNHD is considered one of the pioneering companies in the Egyptian real estate market, having developed major projects in Nasr City and New Cairo.