TMG Holding, owned by billionaire Hisham Talaat Moustafa, has collected in a staggering $4.2 billion in bookings within just twelve days of its new $20.9 billion mega-development, SouthMED, located along the gorgeous North Coast.
TMG’s recognized brand, proven track record, and Egypt’s ongoing luxury real estate demand have all contributed to the project’s rapid sales growth.
The mixed-use leisure and entertainment resort, located near El-Alamein International Airport, spans 23 million square meters and has an eight-kilometer shoreline.SouthMED, which has a total investment of EGP1 trillion ($20.9 billion), has already generated EGP 200 billion ($4.18 billion) in revenues within its initial twelve-day booking period.
SouthMED offers a broad range of 744 residential units, including S-Villas, flats, studios, and duplexes. It is expected to generate total sales of EGP 1.6 trillion ($33.4 billion) and contribute a considerable EGP 2.4 trillion ($50.15 billion) to Egypt’s GDP.
The project is envisioned as a luxurious retreat, complete with a clubhouse, water lagoons, and planted green areas. It is estimated to create 1.6 million employment and raise EGP 283 billion ($5.91 billion) in additional tax revenue.
TMG Holding, founded in 1974, has become a dominating power in Egypt’s real estate business. Under Hisham Talaat Moustafa’s leadership, the conglomerate has grown at an exponential rate. He owns 43.16 percent of the corporation.
TMG’s Banan City project, which began in May in Saudi Arabia with a total investment of SAR 31.4 billion ($8.4 billion), has already generated impressive sales of EGP 40 billion ($836 million) in just two months.
TMG Holding’s ongoing expansion in the Middle East and Africa (MENA) area, along with a dedicated customer base of over 140,000 high-net-worth individuals, has propelled the firm to record-breaking sales of EGP340 billion ($7.11 billion) as of July 8, 2024. Property sales increased by 206% in the first quarter of 2024, totaling EGP61.8 billion ($1.29 billion).
TMG’s achievement with SouthMED sets a new milestone for project launches in Egypt’s real estate sector. This victory may motivate other developers to pursue comparable high-end services along the Red Sea coast, increasing Egypt’s tourism sector.