Madinet Nasr Housing and Development (MNHD) reached an agreement with the Armed Forces Land Projects Agency to exchange land plots in east Cairo, Invest-Gate reports.
Under the deal, MNHD will swap 93,500 square meters it owns in Nasr City for AFLPA’s 53,000 square-meter plot close to the company’s Taj City project, according to a bourse statement released on March 1.
Following the land swap, the company is considering adding a new phase to the project, the statement added.
In early 2019, MNHD announced it will sell a non-residential plot in Taj City, east Cairo, to Minka Real Estate Investment for EGP 184.8 mn, in a bid to develop the first hotel apartments building within the compound.
The company highlighted that 600,000 square meters, out of Taj City’s total area of 3.5 mn square meters, are dedicated to non-residential projects.
Spread over 900 acres near New Cairo, Taj City is in close proximity to Cairo International Airport (CAI) and offers easy access to Cairo’s key districts, featuring an array of luxurious residential units, commercial areas, retail stores, medical facilities, and international academic offerings.