Cairo – Mubasher: CI Capital said that the residential project that Talaat Moustafa Group Holding (TMG Holding) plans to build in the Capital Gardens has raised its assessment for the target price (TP) by 50% or EGP 3.85 per share to EGP 7.50, according to a report released on Tuesday.

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 EGP 44 billion, will be paid in cash and in kind.

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

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.