Thursday 19 backend.Sep
Talaat Moustafa Group Holding continues its streak of record-breaking sales, announcing it has surpassed EGP 100 billion in contracted real estate sales and reservations as of May 20th, 2024. This achievement is according to a disclosure sent to the Egyptian Exchange.
The group stated that these real estate sales exceeding EGP 100
billion encompass 9,303 units, compared to approximately EGP 39 billion in
sales during the same period last year. This represents a nearly 2.6-fold
growth.
TMG revealed that these sales include EGP 24.2 billion from
the sale of 1,706 units in the new sustainable city Banan, Riyadh, which were
achieved in just seven days since the initial launch for sale.
The company aims to generate revenues of around SAR 40
billion (USD 12 billion) from the Banan City project.
TMG, in partnership with Al-Watania for Housing, has laid the
foundation stone for Banan City project in northeast Riyadh. The initial sales
launch took place last Saturday, while the official sales kicked off on
Wednesday, May 15th.
Banan City will encompass approximately 23,000 residential
units in various sizes and designs, catering to a broad spectrum of customers. It
represents a groundbreaking new product in the Saudi market, with homes priced
to make homeownership a more attractive and affordable option compared to
renting, with installments extending up to 30 years.
The project features a variety of residential options,
including: apartments which range in size from 60 to 170 square meters. There
are luxury villas with diverse designs (Quadruple villas, Twin villas,
Independent villas) starting from 216 to 412 square meters. The project also provides
"family housing" options, and land plots ranging from 500 to 600
square meters for the construction of private family homes.
Villas, starting from 216 to 412 square meters, range in
price from SAR 1,107,000 to SAR 2,710,000, noting that these prices exclude taxes
and maintenance deposits.
