Egypt’s urban developer Madinet Nasr Housing and Development (MNHD) has logged EGP 5.5 bn in presales, including sales contracts and units’ reservations, during 2018, primarily through the company’s flagship projects, Taj City and Sarai in east Cairo, Invest-Gate reports.

MNHD recorded presales of EGP 2.6 bn and EGP 2.3 bn from Taj City and Sarai projects, respectively, the company said in a bourse filing on January 9.

In addition, the property developer confirmed delivering a total of 788 units, attempting to fulfill “its promise to deliver its units on time to clients.”

“In total, MNHD has more than 10,000 units under development/design at five key projects in Greater Cairo area,” read the filing.

Last November, MNHD posted a consolidated net profit of EGP 869.1 mn for the first nine months of 2018, up 1.3% year-on-year (YoY) from the year-ago period, the company said in a previous filing.

With investments of EGP 60 bn and a land area of 900 acres near New Cairo, Taj City is in close proximity to Cairo International Airport (CAI) and offers an easy access to Cairo’s key districts, featuring an array of luxurious residential units, commercial areas, retail stores, medical facilities, and international academic offerings.

The mixed-use development offers units with sizes ranging from 83 to 300 square meters, with varying modules. Interested buyers are to benefit from Taj City’s ten-year installment plan with 0% down payment.

Spanning across 5.5 mn square meters of land, Sarai, a New Cairo project located in close proximity to the New Administrative Capital (NAC), comprises standalone units at the newly launched Cavana Lakes development inside Sarai compound.