PROJECTS: Egypt's Talaat Moustafa Group to start construction of Noor Capital Gardens in Q3

$32bln mega project is located in East Cairo

  
Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

Workers wearing protective face masks stand on a building under construction in the New Administrative Capital (NAC), east of Cairo, amid concerns about the spread of the coronavirus disease (COVID-19), in Egypt May 6, 2020.

REUTERS/Mohamed Abd El Ghany

Egypt's Talaat Moustafa Group Holdings (TMG) said on Sunday that it will start construction of its recently launched 500 billion Egyptian pounds ($32 billion) Noor Capital Gardens mega residential project in the third quarter of 2021. 

Located in East Cairo across the upcoming New Administrative Capital development, Noor Capital Gardens is a joint venture between TMG and the New Urban Communities Authority (NUCA). 

TMG said in a stock exchange statement that the project, which includes commercial zones, educational zones and a 5-star hotel, had achieved record sales of 15 billion pounds ($954 million) in just three weeks of its 8 June launch date. 

The statement said construction will start in September 2021. 

The statement said the group’s hospitality portfolio reported better numbers during the first half 2021 compared to the previous three quarters when COVID-19 and travel bans pulled down the numbers.  

The hospitality portfolio reported total revenues of 338 million pounds ($21.6 million) at the end of May 2021. 

(1 US Dollar = 15.68 Egyptian Pounds) 

(Reporting by Marwa Abo Almajd; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here

 

© ZAWYA 2021

More From Construction