CI Capital raises its assessment of TMG’s shares on Capital Gardens project

Egyptian investment bank CI Capital raises its assessment for the target price (TP) of Talaat Moustafa Group Holding (TMG Holding) by 50 percent  as the latter plans to build a new residential project in the Capital Gardens .

CI capital raises its expectations from EGP 3.85 per share to EGP 7.50 per share. This is based on the standard activity of TMG’s performance in the market, and after winning its mega project in the Capital Gardens City.

Scheduled for launch in 2021, the project will feature 140,000 residential units as well as commercial, retail, medical, and educational spaces, a sports club, and a five-star hotel.

The value of the land, amounting to  44 billion Egyptian pounds, will be paid in cash and in kind.

The company estimated the sales of housing units at the project at about  826 billion pounds, non-residential sales at around  58 billion pounds, and the investment cost at nearly  500 billion pounds.

Talaat Moustafa Group signed a deal with the New Urban Communities Authority (NUCA) to buy a land of about 21 million square metres to build the project.

The investment bank said that the acquisition of the land will add 20 years to the group’s land balance.