Madinet Nasr Housing and Development (MNHD), a leading Egyptian urban developer, announced on Sunday that its pre-sales (contracted sales plus reservations) for the the first quarter (Q1) of 2019 reached EGP 1.72bn, up 9% year-over-year. According to the company's press statement, pre-sales were mainly driven by the demand of the residential units as well as the strong launch of the new office park: the Cobalt Business District (CBD) which was launched on the 10th of March 2019. "We are extremely pleased with our pre-sales this quarter following the successful launch of the CBD," said MNHD's CEO, Ahmed El Hitamy, adding that "We look forward to continuing this positive momentum as we enter 2Q of the year, backed by the company's strong brand equity and commitment to on-time deliveries." The company reported that Taj City's pre-sales reached EGP 595m in Q1 2019, compared to EGP 1.193bn in Q1 2018. Meanwhile, SARAI's pre-sale reached EGP 634m in the same period, compared to EGP 311m a year earlier. The company has achieved significant pre-sales in the CBD project to achieve EGP 406m. It has also achieved EGP 52m in the pre-sales of its Tag Sultan project in Q1 2019, compared to EGP 16m in Q1 2018. MNHD has initiated and completed a number of key developments, including the majority of the Nasr City district in the Greater Cairo area, which covers an area of more than 40m sqm, and is home to 3 million people. MNHD's land includes 3.5m sqm in Cairo, with Taj City extending across the Cairo International Airport, and SARAI extending across 5.5m sqm in a strategic location on the Suez Road next to the New Administrative Capital.
