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TMG unveils its first North Coast project: Talaat Moustafa Group (TMG) announced its first project in Egypt’s North Coast, a 23-mn square meter project with investments of around EGP 1 tn (c. USD 21 bn), the company said in an EGX disclosure (pdf).
People are already lining up for a piece of the new development: The project, dubbed SouthMed, garnered a record EGP 60 bn (c. USD 1.3 bn) worth of reservations in the first 12 hours of booking prior to the project’s official sales launch, CEO Hisham Talaat Moustafa said at a press conference accompanied by Prime Minister Moustafa Madbouly. The company sees the development generating sales surpassing EGP 1.6 tn, ultimately contributing EGP 2.4 tn to the Egyptian economy and helping create 1.6 mn new jobs.
What they said: “The project is in line with the country’s strategic vision to leverage the geographical and natural wealth of the North Coast and its buoyant market, drawing in both international and local demand in residential and tourist sectors,” the disclosure read. “This development strives to enrich and broaden the country’s upscale leisure tourism and second-home offerings by tapping into new international and local market opportunities and promoting economic expansion and diversification.”
A way to bring in more FX: The project comes in line with the company’s strategic emphasis on strengthening FX-denominated real estate and tourism exports, the release said. Talaat Moustafa anticipates that the project will draw affluent tourists from European countries, the UK, and Arab nations. He attributed this to the prime location, highlighting that flights from Europe to Alamein International Airport, which is just 15 minutes away from the project, take about three hours, Talaat Moustafa explained.
There’s a lot of interest in the country’s North Coast from the country’s real estate sector: ADQ acquiring the development rights to the North Coast’s Ras El Hekma for USD 35 bn in February was followed by a flurry of announcements from real estate developers setting up North Coast projects.
A year of firsts for TMG: The group recently made its Saudi debut with the launch of its mixed-use Benan City project in May.
Reuters also had the story.
