Cairo - Mubasher: Talaat Moustafa Group Holding (TMG Holding) has generated record sales of EGP 15 billion from its recently-launched Noor City project in east Cairo in three weeks. 

During the first half (H1) of 2021, TMG Holding achieved sales of EGP 21 billion amid higher demand with the launch of Noor City, according to a bourse disclosure on Sunday. 

The company expects sales to reach EGP 30 billion by the end of the year, noting that the current sales have already exceeded expectations.

The Minister of Housing, Assem El-Gazzar, and the Chairman and Managing Director of TMG Holding, Hisham Talaat Moustafa, have laid the cornerstone for Noor City in east Cairo.

Over an area of 5,000 feddans in Capital Gardens City, the city will be established with total investments of EGP 500 billion. 

The project will feature 140,000 residential units which can accommodate about 600,000 people as well as commercial, administrative, and governmental service areas.

During the first quarter (Q1) of 2021, TMG Holding reported net profits of EGP 447.08 million, up from EGP 375.33 million in Q1-20, including minority shareholders’ rights.