Minka Development eyes LE6bn revenues from Taj City's Kinda project

Minka Development  seeks to generate LE6bn revenues from New Cairo's Kinda project spanning 27 acres.

"With investments totaling LE5bn, digging kicked-off at the project's site," said Abd Allah Salam, Chief Executive of Minka Development  in a press conference held via Zoom App.

The project encompasses up to 800 residential units with varied areas, not to mention the other commercial and administrative units.

 Kinda project, built inside Heliopolis Company for Housing & Development's Taj City, is spread over 400m in East Cairo on the Ring Road opposite Kempinski Hotel, he explained.

With a seven-year payment scheme of which two installments have already been disbursed, MREC bought Kinda's land from HCHD in March 2020 at LE1.15bn.

Customers will be invited to buy units in the first phase of Kinda project within a month whereas finished units are scheduled to be handed over to customers in one year and a half, he noted.

"While a plan for financing the project through self-made resources are in place, Minka Development may tap several banks for loans later on, but may not go public."

 While handing over fully-finished units and providing hotel-style services at the compound, Minka Development has put in place a flexible payment schemes of up to 10 years.

With the aim of providing an innovative mix blending highest construction standards with upscale life style, Kinda's construction studies were made in collaboration with Canadian experts, he noted, adding that the company fell back on advanced countries in search of quality and comfortable living models.