Madinet Nasr Housing and Development (MNHD), a top-performing real estate firm led by Egyptian magnate Abdallah Sallam, has signed a partnership agreement with DMC, one of Egypt’s leading construction companies, to build 13 buildings in Taj City’s Lake Park project.
According to the terms of the strategic partnership agreement with DMC, which covers mechanical, electrical, and plumbing work, MNHD will invest a total of EGP350 million ($19 million) in the project, which is expected to be concluded in 18 months.
The completion of the Lake Park project, which is surrounded by an enchanting park and a variety of water features, will introduce a one-of-a-kind modular community that will bring together a diverse range of vistas and modular, customizable homes.
The Lake Park project will add to MNHD’s real estate portfolio, which already includes Taj City, a 3.7-million-square-meter mixed-use development project in Cairo’s Eastern Suburbs, and Sarai, a 5.5-million-square-meter project near the New Administrative Capital.
Sallam stated that the deal demonstrates MNHD’s efforts to accelerate the construction of key projects in Egypt as part of its strategy to boost development rates and achieve higher growth rates.
One of the region’s leading property developers, MNHD was established in 1959 as a public real estate company with the goal of developing 40 million square meters of land in Nasr City, a 3-million-person city.
Sallam, a well-known Egyptian businessman and the founder of MINKA Development, MNHD’s newest wholly-owned acquired subsidiary, owns a total of 5 percent of the company.
As of press time, MNHD shares were trading at EGP2.6 ($0.132) per share, giving the real estate firm a market capitalization of EGP5.46 billion ($277 million), while Sallam’s five-percent stake is presently valued at EGP273 million ($13.85 million).
