Egypt’s urban developer Madinet Nasr Housing and Development (MNHD) has inked a deal selling a 114,537-square-meter residential land plot in Taj City to Sallam family-owned Minka Real Estate Investment for EGP 1.145 bn, Invest-Gate reports.

This comes in line with MNHD’s strategy to “faster monetize its land bank,” the company said in bourse statement published on March 5.

Minka will launch fully finished residential units, a product not currently offered by MNHD in Taj City, the latter company highlighted.

Ahmed El Hitamy, CEO of MNHD, said, “We enjoy our working relationship with Minka, especially after the launch of [its hybrid property concept,] The Hoft, inside [Taj City’s Cobalt Business District (CBD)], and we look forward to working closely with Minka to bring our clients a diversified portfolio of products that we do not yet offer here at MNHD.”

On a similar note, Abdallah Sallam, CEO of Minka, highlighted, “The superb location of Taj City along with the help of MNHD’s management team has encouraged us to establish yet another development inside Taj City, this time we’re employing a larger land plot and venturing into a unique and innovative residential offering.”

It is worth noting that MNHD has a further c.2 mn square meters remaining in Taj City, c.3.5 mn square meters in New Cairo’s Sarai, and 436,800 square meters in West Assiout to be developed.

Earlier this month, MNHD said it 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.