Madinet Nasr for Housing and Development (MNHD) is expected to complete marketing for its Shalya Taj City project by the end of next year, according to Ahmed El Hitamy, CEO of MNHD.
Shalya was launched within the Taj City project and includes more than 2,000 units.
El Hitamy noted that the company will market Shalya in the specified timeframe by depending on the project’s distinct location and the product provided, in addition to the continued activity of the real estate market.
El Hitamy pointed out that the company’s total land portfolio is 9m sqm and that it has developed 1.2m sqm of it. The remaining area is under development, he said, which is expected to take between seven and 10 years. The majority of the land bank constitutes the Taj City and Sarai projects.
“It is planned to launch non-residential activities in Taj City within the last quarter of the current year with a total area of 600,000 sqm,” El Hitamy said.
He elaborated that there is an intensive development process towards the east Cairo area, especially with the implementation of the New Administrative Capital project, in addition to the completion of development in the region and its increasing population density. This means that the purchasing capacity of customers is concentrated towards that area.
He explained that his company does not aim to implement a project within the New Administrative Capital, as it owns a project adjacent to the future capital.
He said that he expects the market may witness price increases of between 10% and 15% this year. If there is an increase in petroleum product prices, the market will not experience price spikes. Whether the market sees price increase is governed by customers’ purchasing ceiling, he said, which did not move at the same value. This forces developers to support customers in making purchasing decisions, as well as to move to new areas with lower implementation costs.