TMG purchases 21 mn sqm of land for massive new capital development: Talaat Moustafa subsidiary the Arab Company for Projects and Urban Development has purchased 21 mn sqm (5.2k feddans) of land from the New Urban Communities Authority (NUCA) for a EGP 500 bn residential project in the Capital Gardens district near the new administrative capital, cabinet said in a statement. The price of the land wasn’t disclosed, but Al Mal claimed that NUCA valued it at 1.35k per sqm, translating to an overall price of EGP 28.5 bn. The company will pay for part of the land in-kind, and the rest in direct transfers. It plans to build a Madinaty-style city with up to 600k residents in nearly 140k homes, cabinet added.

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