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Zahraa Maadi Investment denies holding auction to sell land plots for EGP 34,000/sqm

Zahraa Maadi Investment denies holding auction to sell land plots for EGP 34,000/sqm

ArabFinanceZahraa Maadi Investment and Development (ZMID) has denied the recently published news claiming it has held an auction to sell land plots for EGP 34,000 per square metre, according to a statement filed to the Egyptian Exchange (EGX).

The company noted that it has not held any auctions in 2021 yet.

Moreover, the Zahraa Maadi Investment will hold an auction on September 16th, 2021, to sell three land plots for schools project, as well as five land plots for residential projects, the statement highlighted.

The land plots are located in Zahraa Maadi and the specifications’ booklets for the projects are being sold at the company’s headquarter for EGP 1,000 each.

Zahraa Maadi is an Egypt-based public shareholding company engaged in real estate development, construction, contracting, urbanization, housing, and tourism, as well as other investment activities.

The listed firm is involved in the construction and development of residential and commercial buildings, as well as the purchase, sale, and reclamation of lands and properties.

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