Madinet Nasr Housing and Development (MNHD) announced it has achieved contracted sales worth EGP 519m in August, an increase of 520% compared to the same period in 2015. In a Sunday press statement, MNHD said that this amount is considered the strongest recorded sales for a single month in the company's history. "Sales performance has particularly improved during the month of August, showing a year-on-year (y-o-y) growth of almost 520% to EGP 519.1m, compared to EGP 83.7m in August 2015," the statement read. The statement continued by adding that it has contracted sales figures for the eight-month period ending 31 August that show an impressive growth of 221% y-o-y worth EGP 1.41bn. The company's contracted sales for Tag Sultan and Taj City amounted to EGP 1.08bn year to date (YTD) 2016, compared to EGP 234.4m in YTD 2015, while achieving EGP 735.9m from July to August in 2016, compared to EGP 77.2m from July to August in 2015. The Waha and Primera projects' contracted sales reached EGP 1.7m in the July-August period, compared to EGP 46.1m in the same period of 2015. The project achieved sales of EGP 159.9m YTD 2016, compared to EGP 205m in YTD 2015. Contracted sales for Capital Gardens (MNHD's share) registered EGP 65.6m in the July-August period and achieved EGP 173.9m in YTD 2016. The total three projects' sales achieved EGP 803.1m in the July-August period, compared to EGP 123.3m during the same period in 2015. Further, the total project's sales amounted to EGP 1.4b in YTD 2016, compared to EGP 439.4m in YTD 2015. MNHD's CEO Ahmed El-Hitamy said that his company seeks to ramp up unit deliveries in Tag Sultan. "We are looking forward to seeing homeowners move into their new homes by early 2017," he said. In total, MNHD has more than 7,980 units under development or in design at five key projects in the Greater Cairo area, being offered to a broad socioeconomic spectrum of consumers.
