Egypt After 2025: Navigating a Critical Inflection Point    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Egypt's Environment Minister attends AMCEN conference in Nairobi    At London 'Egypt Day', Finance Minister outlines pro-investment policies    Sukari Gold Mine showcases successful public–private partnership: Minister of Petroleum    Egypt's FRA chief vows to reform business environment to boost investor confidence    Egyptian, Belarusian officials discuss drug registration, market access    Syria says it will defend its territory after Israeli strikes in Suwayda    Pakistan names Qatari royal as brand ambassador after 'Killer Mountain' climb    Health Ministry denies claims of meningitis-related deaths among siblings    Sri Lanka's expat remittances up in June '25    EU–US trade talks enter 'decisive phase', German politician says    Egypt's Health Min. discusses drug localisation with Sandoz    Needle-spiking attacks in France prompt government warning, public fear    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



MNHD plans to secure EGP 2bn via banking alliance, repay within 8 years
The company will propose Sarai's tender within six months and launch K-Zone project in H1 of 2017
Mahmoud Hashem Published in Daily News Egypt on 14 - 11 - 2016

Madinet Nasr for Housing and Development (MNHD) owns a number of real estate projects, including a 45km area on the Cairo-Suez Desert Road, Tigan, Al Waha, Primera, and Nasr Gardens.
The company's paid-up issued capital stands at EGP 375m, divided across 375m shares with a nominal value of EGP 1 each. The shares are traded on the Egyptian Exchange at EGP 14.4.
Ahmed El Hitamy, managing director of MNHD, spoke to Daily News Egypt about the company's expansion and investment. He said that MNHD seeks to diversify its projects in the coming period, through launching non-residential, commercial, and tourist projects in several areas nationwide.
What is the investment cost for the first phase of Sarai New Cairo compound?
The company plans to secure EGP 900m in investments for Sarai's first phase after the company managed to sell all the units in just 48 hours at EGP 815m.
What are the latest developments in the company's acquisition of financing from banks?
The company is about to complete negotiations with banking alliances to borrow EGP 2bn to be repaid within eight years, at a variable interest rate, as the company cannot afford the high interest rates in the coming years.
The company will obtain the loan in early 2017, from which EGP 600m will be allocated to Tag City and EGP 900m to the Sarai project.
How much did the company register in sales?
The company achieved EGP 3.5bn in sales, compared to the targeted sales of EGP 1.5bn in 2016.
The company will review its targeted sales in 2017, after the great success of this year.
What is the company's expansion plan?
The company plans to launch K-Zone, a new phase of Tag City, during the first half of 2017; it will be larger or similar to T-Zone.
The company has succeeded in reaching the highest levels of sales in this region during the current period, as compared to its competitors.
How much are construction costs for the company's projects?
The company takes into account the cost differences when calculating the profit margins. We issued the project's price list after the appreciation of the US dollar on the informal market and the flotation of the Egyptian pound. The cost of land per metre in Tag City is EGP 11,000-12,000, up from EGP 9,000.
The construction cost of Sarai project amounted to EGP 1.1bn, but we have not yet concluded the project's licences. The loan contract signing is scheduled for the beginning of 2017, while the project will be delivered within four years.
This phase of Sarai project is on an area of 220,000 sqm. It includes about 1,300 units ranging from 120 to 240 sqm.
What are the challenges facing Sarai project?
Ehab Reda, the manager of Sarai project in New Cairo, faces major challenges in the current period. The project is just 25km from Tag City in East Cairo.
We face competition among real estate developers in the same area, such as Al Ahly for Real Estate Development (Sabbour) and ARDIC for Real Estate Development (Zizinia).
When will you propose the tenders for the Sarai project?
The company will offer the tenders for Sarai within four to six months, and the delivery of the project will begin within four years.
The company has achieved high sales records; the cost per metre of land in Sarai is considered the highest among other projects in the region.
When will the company issue its Global Depositary Receipts (GDR)?
The GDRs are scheduled to be issued in the second quarter of next year.
What are the developments of the company's decision to postpone the collection of Primera project's instalments?
The next meeting of MNHD's board of directors will decide whether to approve the postponement of the collection of instalments for the Primera project, located in El Waha project in Nasr City, or to refund the collected sums for those who wish to do so without any fines.
The project is currently stalled, upon the neighbourhood management's decision due to a disagreement on the ownership of a part of the land. The total collected money for this project is estimated at EGP 122m.
Does the company intend to increase its real estate portfolio in the coming period?
The company seeks to add new areas to its real estate portfolio, amounting to 9.5m sqm in Cairo and other governorates.

Clic here to read the story from its source.