Madinet Nasr Housing and Development (MNHD) announced on March 26 that 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, Invest-Gate reports.

Minka, a Sallam family venture, had earlier requested to purchase the 3,360-square-meter land plot in Cobalt Business District (CBD), the first phase of Taj City’s office park, to develop an apartment hotel, for a total of EGP 184.8 mn – or EGP 55,000 per square meter, MNHD said in a released statement.

In its statement, 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.

Back in September, MNHD received the approval of the Civil Aviation Authority for additional heights in Taj City. This will result in a potential expansion in the built-up area (BUA) of the integrated compound by around 400,000 square meters with some leveling works, representing a 17% increase to the existing BUA of the compound, the company said in a previous statement.

The majority of the new area is set to be commercial and office spaces, given the project’s prominent location, MNHD noted.

Taj City is in close proximity to Cairo International Airport 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.

The mixed-use development boasts 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 a 0% down payment.