(MENAFN- Daily News Egypt)
Talaat Moustafa Holding Group (TMG) has reported record sales for 2024, exceeding EGP 0.5trn, or approximately $10bn, by December 22. This figure marks a significant milestone for the company, solidifying its position as a leading Real estate developer in Egypt and the region.
The company said this achievement makes TMG the first Egyptian real estate company to reach this annual sales volume in the modern era of the country's property market. TMG's performance in 2024 positions it ahead of its competitors and cements its place among the most recognisable real estate brands in the region and globally, according to the company.
In 2024, TMG sold 28,000 units, a substantial increase from the 17,000 units sold in 2023. This represents a 3.5-fold increase in sales volume compared to EGP 143bn in 2023, demonstrating growth in both the quantity and value of sales. TMG's sales value has seen a compound annual growth rate (CAGR) of 70% since 2017, when sales were EGP 13bn.
Driven by these results, TMG now leads the region in units sold and ranks as the second-largest company in sales value among listed regional real estate companies. Despite price differences between the Egyptian market and other regional markets, TMG said its extensive portfolio of real estate projects has broad appeal.
TMG's entry into the Saudi market with the launch of the“Banan” project in Riyadh, covering more than 10m square meters, was a key factor in its regional success. The company also said that, domestically, TMG continues to secure a 50% market share among the top 10 developers in Egypt.
The company said these results reinforce TMG's position as a market leader in both Egypt and Saudi Arabia. It also said it is establishing new benchmarks for the real estate sector regionally and internationally.
The launch of the“SouthMed” project on Egypt's North Coast in July also contributed to this performance. The sustainable development, spanning 23m square meters, achieved sales of EGP 280bn (approximately $5.6bn) within months of its launch. TMG said SouthMed operates under an“asset-light and low-risk” model, leveraging the company's brand through a development agreement. This model is projected to generate revenues exceeding EGP 100bn over the project's lifespan.
TMG said its growing international footprint also contributed to SouthMed's success, with sales offices in Saudi Arabia and the UAE attracting a global clientele. The company added that this demonstrates its ability to integrate planning and execution to create developments that attract high-spending communities, whilst ensuring income from retail, sports, hospitality, and residential services.
In addition to SouthMed, TMG has also achieved milestones with its other projects in East Cairo, including Madinaty, Noor, and Celia. The Banan project in Saudi Arabia added approximately EGP 64bn ($1.2bn) in foreign currency sales to the company's total, in line with TMG's strategy to diversify revenue streams and mitigate the effects of local currency fluctuations. The company's goal is to achieve 60% of its revenue in foreign currencies over the medium term.
TMG said it remains committed to innovation and is diversifying revenue streams by leveraging its brand strength. In 2024, it secured approximately EGP 44.3bn in sales to third-party and institutional investors by reselling existing or planned properties for a fee.
Recent land transactions with institutional investors, where TMG undertakes development, demonstrate the value of the company's land portfolio. This portfolio, which includes major projects such as Madinaty, Al Rehab, Noor, and Celia, is valued at approximately EGP 241bn net of liabilities.
Looking ahead, TMG anticipates strong sales momentum in the coming year, driven by the continued success of its integrated projects and the expected launch of“The Spine” in the second half of 2025. This project, spanning 2.4m square meters, will provide a modern commercial hub with high-rise residential, retail, entertainment, and hospitality facilities.
TMG said its resilience stems from sound financial management and operational excellence. The company said it was able to navigate difficulties such as the COVID-19 pandemic due to its balance sheet, business model, and management team. TMG said it aims to deliver sustainable, innovative projects that elevate quality of life in Egypt and beyond, while establishing new international benchmarks for the real estate industry.
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