Saudi Arabia’s NHC, TMG lay foundation stone for Banan City in Riyadh
Updated 5/12/2024 3:03:00 AM
Arab Finance: The Riyadh-based National Housing Company (NHC), in collaboration with Talaat Moustafa Group Holding (TMG Holding), has laid the foundation stone of the Banan City project situated northeast of Riyadh, according to an emailed press release.
Revenues from the project are expected to reach SAR 40 billion (around $12 billion), TMG’s Chairman Hisham Talaat Moustafa noted.
Moustafa revealed that the estimated total investment for the Banan City project, sprawling across 10 million square meters, is approximately SAR 31.4 billion ($8.37 billion).
Marking the real estate giant'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.
The project's development timeline spans eight years, according to insights shared by Moustafa during an interview with Asharq Business in Riyadh earlier this year.
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