TMG launches EGP 1T SouthMed project in North Coast
Updated 7/2/2024 1:49:00 PM
Arab Finance: Talaat Moustafa Group Holding (TMG Holding) has launched SouthMed, its first project in the North Coast with investments estimated EGP 1 trillion ($21 billion), as per a disclosure by the firm on July 2nd.
The project yielded unprecedented reservations of more than EGP 60 billion ($1.25 billion) during the first 12 hours from opening bookings before the official launch.
Spanning an area of 23 million square meters, the project’s official sales are set to be launched on July 2nd.
SouthMed is projected to generate sales exceeding EGP 1.6 trillion throughout its duration, directly and indirectly driving around EGP 2.4 trillion into the state’s economy.
This would contribute to creating around 1.6 million job opportunities and garnering tax revenues estimated at EGP 283 billion.
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