Friday 22 Nov
Banan Al Riyadh's two billion-riyal sales in just 11 months, paints a bright picture for the future of this groundbreaking Saudi Arabian urban development project.
The renowned
brand of Talaat Moustafa Holding Group, led by chairman Hisham Talaat Moustafa,
played a key role in the project's immediate success in Saudi Arabia, further
bolstered by the partnership with the National Housing Authority.
The Banan City project in Riyadh has achieved impressive sales figures, exceeding SAR 2 billion ($519 million) within just 11 days. This brisk pace, with over 1,706 units sold, underscores the project's strong foundation and paves the way for its future success as a model for urban development in Saudi Arabia.
The city is being developed by a consortium of the National Housing Company (NHC) and Talaat Mostafa Group (TMG), which has over 50 years of experience in real estate development. Therefore, in terms of development, there is a long history with the developers of the sustainable city Banan, which guarantees the creation of a guaranteed brand, in addition to operational and commercial performance, revenues and shareholder rights, marketing and communication activities and the institution's reputation, stock performance and future activities.
According to
Brand Finance's 2024 report, TMG is the most valuable real estate brand in
Egypt and the Middle East and North Africa (MENA) region. The company has
achieved a 35% brand value growth over the past three years.
From the moment
you lay eyes on Banan City, you'll know that it has everything you need to live
a fulfilling life. Banan City features over 27,000 residential units, with
diverse sizes and designs, representing a new product in the Saudi market at
prices that suit purchasing power. Financing plans are available from banks in
the Kingdom for up to 30 years. The project includes residential units ranging
from 55 to 170 square meters, as well as a variety of elegantly designed villas
starting from 216 square meters up to 412 square meters. Moreover, there are
"family homes" with land areas ranging from 500 to 600 square meters.
Banan City is designed to be a model for sustainable living. Over 40% of the project's total area is dedicated to green spaces, creating a serene and environmentally friendly environment.
A thorough
analysis of Banan City's financial structure and current sales strategies
reveals that the developer consortium has conducted extensive market research
in Saudi Arabia. This in-depth understanding has enabled them to craft a
compelling pricing strategy that facilitates long-term financing options from
banks, with terms extending up to 30 years. Additionally, the project
emphasizes the concept of homeownership as a superior financial decision
compared to renting.
TMG boasts a remarkable track record in Egypt, pioneering large-scale developments that have solidified their position as a leading developer compared to other developers in Egypt. Look no further than Madinaty and Al Rehab to witness their success in transforming vast desert landscapes into thriving urban centres within a short timeframe. These projects have become a benchmark for other developers, with TMG's founder Hisham Talaat Moustafa experience serving as a guiding light for the industry.
TMG's
pioneering spirit is evident in its very first project, Al Rehab. This success
story was further amplified in Madinaty, a sprawling city encompassing a
massive 33 million square meters. These visionary developments have earned TMG
a reputation beyond just a real estate developer. The group's projects have
become beacons of urban development.
The master plan for the project placed essential services, such as shopping malls, on the city's outskirts, ensuring a clear separation between residential and commercial areas. This thoughtful design prioritizes tranquility and privacy while also enabling the commercial centres to thrive economically
Powered by cutting-edge smart technologies, the city offers efficient management of various facilities, advanced systems for sustainable urban control, and smart home integration. Residents also enjoy a comprehensive suite of services, including mosques, medical centres, educational institutions, and shopping and entertainment venues featuring top global brands. Additionally, essential quality-of-life services are readily available, such as civil defence, police, a post office, and both emergency and ambulance medical care.
Strong sales figures across nationalities in TMG’s Egyptian projects demonstrate a deep understanding of foreign customer needs. The group is adept at swiftly delivering these requirements in any new or existing international market, with Saudi Arabia being a prime example.
