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.
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.
