Talaat Moustafa completes 60% of Madinaty project in New Cairo

Egypt’s largest property developer Talaat Moustafa Group (TMG) has finalised 60 percent of its Mubarak-era residential flagship Madinaty city in New Cairo, chief executive and managing director Hesham Talaat Moustafa said Monday.

Madinaty is executed over 8,000 feddans or 33.6 million square metres and it is designed to provide a contemporary lifestyle for 700,000 inhabitants in 120,000 housing units, Moustafa further told Amwal Al Ghad.

“The volume of investments implemented in the project is estimated at around 200 billion Egyptian pounds ($11.3 billion),” the Egyptian official stated, adding that Madinaty will be carried out within a ten-month timeframe.

“The project’s cost approaches 60 billion pounds,” Moustafa concluded.