Madinet Nasr Housing and Development (MNHD), a leading urban developer in Egypt, announced on Sunday that all 787 units offered as part of SARAI's phase two launch on 21 February 2017 were sold out. According to a press statement, the launch generated a total of EGP 1.8bn in reservations, making it the biggest launch and highest recorded reservations in a single month in the company's history. "MNHD inked contracts worth EGP 845m, with the balance of EGP 904m expected to be finalised during March 2017. On offer were a total of 620 apartments, in addition to 167 S-Villa units, with unit prices averaging EGP 11,900 per sqm, up 32% compared to an average of EGP 9,000 per sqm for SARAI's phase one, launched in November 2016," the statement read. MNHD's CEO, Ahmed El Hitamy, said, "the success of the second phase's launch serves as a testament to our clients' trust in MNHD and in our ability to execute and deliver a project of this scale. We look forward to further cement this trust and exceed our clients' expectations with the project's on-time and to-spec delivery." SARAI is a 5.5m sqm mixed-use development in New Cairo, located in close proximity to the planned New Administrative Capital announced by the Egyptian government. "When completed, SARAI will be a true destination, featuring a variety of residential, commercial, retail, and leisure ventures," according to the statement.
