TMG Opens Bookings For EGP 69Bn 'The Spine' Project, Targets Phase One Delivery In 4 Years

(MENAFN- Daily News Egypt) Talaat Moustafa Group (TMG) Holding will open reservations on Tuesday for“The Spine,” an EGP 69bn mixed-use development targeting first-phase delivery within four years, the company's chief executive said.

The National Bank of Egypt holds a 24.5 percent stake in the project, which boasts one of the largest capital bases in the Egyptian market, reflecting a robust financial structure and the confidence of major banking institutions, Hisham Talaat Moustafa, CEO and Managing Director of TMG Holding, said during an interview with broadcaster Amr Adib on MBC Masr's“El Hekaya” programme. Moustafa noted that the integrated project represents a qualitative shift for the Egyptian economy.

To enable a broader segment of clients to invest, TMG is offering flexible payment systems extending up to 15 years, with down payments starting at 1.4 percent of the unit's value. Moustafa said this mechanism grants investors greater ability to make long-term investment decisions and reflects the group's extended investment vision and financial strength.

Buyers will pay approximately 30 percent of the unit's value prior to delivery. Moustafa stated this structure will allow investors to achieve high returns, either through capital appreciation or by leasing the units at premium rates.

“The Spine” project will be managed through a fully electronic marketing and reservation system, allowing clients to book and pay online. Highlighting international demand, Moustafa said the company maintains a multinational client base, noting that its recent project in Sharm El-Sheikh attracted buyers of 65 nationalities, including clients from New Zealand and Mexico.

Designed in the heart of the Madinaty development-which Moustafa described as the centre of the new East Cairo urban area-”The Spine” will feature independent entrances on the Cairo-Suez Road to enhance connectivity to main transport axes.

Unit prices within the project will be competitive, with residential units priced lower than villas inside Madinaty, and will be offered in a variety of sizes to suit different market segments, Moustafa added.

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