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TMGH to launch EGP 300bn new project – CEO

TMGH to launch EGP 300bn new project – CEO
Hisham called for developers to revisit their payment plans
TMG Holding
TMGH
-1.40% 10.60 -0.15

Cairo – Mubasher: Talaat Moustafa Group Holding (TMGH) is planning to offer EGP 300 billion ($16.74 billion) project, the company’s CEO and managing director Hisham Talaat Mostafa announced.

The stagnation in the Egyptian real estate sector or the occurrence of a property bubble in the market is unlikely, he added in a press conference.

The promotion of the “real estate bubble” idea is but a tool used by the owners of small companies and speculators to impact the Egyptian real estate market and cover up for their lack of competiveness, Hisham said.

The high demand for new units offered by the government is the biggest evidence against such allegations, the top official noted.

Hisham called for developers to revisit their payment plans to be compatible with people with average income, instead of resorting to rumors.

TMGH reported a 13% year-on-year increase in consolidated profits for the first nine months of 2018.

Net profit reached EGP 1.18 billion in the nine-month period ended September, versus EGP 1.05 billion in profits for the year-ago period.