Wednesday, 30th November 2016
Madinet Nasr Housing & Development — Teegan — Taj City (formerly Tag Sultan)
Madinet Nasr Housing & Development (MNHD) was founded by the Egyptian government in 1959 and was partially privatized in 1996 before being completely privatized in 2007. Beltone Investment Group is the company’s largest shareholder, followed by the National company for Construction and Development and Beltone Capital. The company is responsible for having built the Madinet Nasr neighborhood (also translated as Nasr City) in East Cairo, which was built upon presidential decree by Gamal Abdel Nasser in the 1950s to cater to middle and upper class residents at the time. As of the most recently available data provided in 2013, MNHD has an undeveloped landbank of 40 mn square meters of land free from legal disputes. The company has four main developments in the works, each divided into sub-developments: Teegan in East Cairo, the mixed-use development KM45 on the Cairo-Suez Road, Nasr Gardens in 6th of October City and Al Waha on the outskirts of Nasr City near the Ring Road.
Of the 3.5 mn square meter area of the Teegan development spans an area within it of approximately 300,000 square meters formerly dubbed Tag Sultan which has since been rebranded as Taj City. Taj City is still currently under construction though a number of units have already been completed. The development is located at the intersection of the Suez Road and the Ring Road, between Nasr City and the Fifth Settlement. The development was budgeted to cost EGP 880 mn to build with an expected revenue of EGP 1.7 bn. Taj City targets A- to B+ class residents whose annual yearly income at 2013 estimates ranged from EGP 300,000 to EGP 500,000 per year. Taj City is offering 0% down payment, 10 year payment plans with three years for unit delivery.
In addition to a landscaped central park, Taj City features full facility management, including:
- Housekeeping services
- Landscaping pest control
- Security and fire safety services