TMG intends to finish Banan City’s 1st phase in 4 years
Updated 5/13/2024 7:40:00 AM
Arab Finance: Talaat Moustafa Group Holding (TMG Holding) is planning to complete the first phase of the Banan City project, situated in the northeast of Riyadh, Saudi Arabia, within four years, TMG’s Chairman Hisham Talaat Moustafa told Asharq Business.
Moustafa disclosed that the construction work in Banan City, worth around SAR 32 billion in investments, will start immediately.
On May 11th, the Riyadh-based National Housing Company (NHC), in collaboration with TMG Holding, laid the foundation stone of the Banan City project.
Revenues from the project are expected to reach SAR 40 billion (around $12 billion).
Marking TMGt's debut venture outside Egypt, the Banan mixed-use city is slated to accommodate over 120,000 residents.
Scheduled for sale commencement on May 15th, 2024, the city’s design encompasses 40% green spaces, featuring more than 27,000 units, including apartments, villas, and residential plots.
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