Madinet Nasr for Housing and Development (MNHD) recorded a 15% boost in its presales activities (i.e primary contracts and reservations) year-on-year to log EGP 6.3 bn in 2019, Invest-Gate reports.

The rise is mainly driven by “a strong demand on the company’s residential projects as well as the diversified offering of commercial [products] offered in the company’s flagship office park, Cobalt Business District,” according to the company’s bourse filing on January 9.

Commenting on the news, MNHD CEO Ahmed El Hitamy said, “We are extremely happy to achieve yet another record-breaking year in terms of presales for the company.”

“MNHD is committed to growth despite any market condition, on the back of its diversified portfolio of projects and offerings in Taj City and Sarai,” he added.

The company’s presales reached EGP 3.7 bn in the first nine months of 2019. Back then, the Egyptian developer ascribed the presales volume to successful releases within its New Cairo compound, Sarai, in addition to the newly-launched office park in east Cairo’s Taj City, dubbed “Cobalt Business District,” according to a previous statement.

In November, El Hitamy had uncovered the launch of three new phases of New Cairo’s Taj City and Sarai. Additionally, the company has more than 10,000 units under development or design at five key projects across Cairo, the statement noted.