Madinet Nasr Housing & Development (MNHD), Egypt’s leading urban developer, announced on Monday the Prime Minister’s approval of Tai City master plan.
The master plan approval will allow MNHD to finally market and launch non-residential components, like the commercial zone and the hotel area, that will not only serve residents of Taj City, but the area as a whole.
“We’re very pleased with this long-awaited step,” said Ahmed El Hitamy, CEO of MNHD, “a step which will allow us to faster monetise Taj City with the vision we had in mind.”
The company announced previously that all residential units of the first phase of the Taj City project have been sold before the end of the first quarter of fiscal 2016 for EGP 310m.
Phase one booking was opened in December 2015.