Talaat Mostafa Group bought 500 feddans for in the new administrative capital

Talaat Mostafa Group (TMG) bought 500 feddans in the new administrative capital, Housing Ministry sources told Reuters. “Talaat Mostafa received the land two weeks ago after it came to an agreement with the administrative capital company on all the conditions,” a ministry source said without providing further details. Al Mal says TMG will pay the administrative capital EGP 1,500 per sqm instead of its original bid of EGP 1,250 per sqm for more favourable options that include extending the payment schedule by one year and fixing the interest rate charged at 10% instead of having it float in accordance to the CBE corridor rates. TMG did not confirm Al Mal’s scoop to the EGX, but said it paid EGP 4.4 bn for the land plot. About 15 companies submitted bids in March for land for the administrative capital’s first phase of construction.