Sunday 24 Nov
Talaat Moustafa Holding Group (TMG Holding) has announced the start of construction and development work on the Banan City project in Riyadh. This announcement, made via their official X account, signifies their commitment to delivering a comprehensive, pioneering, and sustainable project.
This development follows TMG
Holding's earlier partnership with the National Housing Company (NHC) to
establish a dedicated Saudi Arabian branch, TMG Holding - Saudi Arabia. This
branch is the driving force behind the Banan City project.
Hisham Talaat Moustafa, Chairman
of Talaat Moustafa Holding Group - Saudi Arabia for Real Estate Development,
describes Banan City as a planned smart city northeast of Riyadh. Spanning 10
million square meters, it will offer an unprecedented quality of life for more
than 120,000 residents, while adhering to the latest sustainability standards.
He further stated that the
project is expected to generate approximately 40 billion Saudi Riyals (12
billion US dollars) in revenue. The total investment for this project is
estimated at around 31.4 billion Riyals. The city will offer around 27,000
housing units with diverse layouts and sizes, catering to a wide spectrum of
buyers. This new product in the Saudi market is priced competitively, making
homeownership a more affordable option compared to renting. Additionally, the
payment plans can be spread over 30 years.
The project offers a diverse
range of housing options, including apartments (60-170 sq. m), luxurious villa
types with various designs (Quattro villas, twin villas, and standalone villas 216-412
sq. m). Additionally, the project offers 'family housing' and land plots
(500-600 sq. m) for the construction of private family homes.
This variety, coupled with the official sales launch on May 15, 2024, has driven significant demand for the project, as evidenced by Talaat Moustafa Holding Group's first-quarter report highlighting strong results since the launch.
