Madinet Nasr for Housing and Development (MNHD) announced on Tuesday that the company recorded EGP 1.5bn in total sales in July 2022. This marks a new record for the company in terms of sales in a single month. Sales activity was driven by the launches of Elect and Taj Ville, as well as sales of ready-to-move inventory and activity at Croons and Taval at Sarai. Historically strong sales activity indicates the company's ability to leverage healthy consumer demand despite macroeconomic uncertainty and testifies to the great potential of MNHD's undeveloped land banks at Taj City and Sarai for profitable residential and commercial development. MNHD's record-breaking performance for July also came during the traditional summer low season for real estate activity in the East Cairo market, further demonstrating the company's ability to leverage its quality offerings to drive sales growth across various developments. Furthermore, July's sales were boosted by the launch of the first two phases of Elect — a new 167,200 sqm development launched at Taj City in the final week of July. Elect sits at an elevation of nine metres above the rest of Taj City and offers homebuyers a unique selection of one-storey, two-storey, and Z-villas. MNHD sold 50 percent of the development's first phase within two days of its launch, recording approximately EGP 400m in sales. More than 50 percent of both phases of the new project have now been sold. "Our performance for the month of July is a strong indicator of MNHD's operational strength," said CEO of MNHD Abdallah Sallam. "The company's record-breaking sales for the month are a testament to the great potential of our offerings and the company's new turnaround strategy. Our priority is to continue delivering sustainable and healthy growth each quarter and to keep our clients satisfied," he explained.
