Talaat Moustafa Holding Group revealed that its “Banan” project in Saudi Arabia has generated sales estimated at 42 billion Egyptian pounds ($870 million or 3.25 billion riyals) since its launch last May.
In a financial disclosure to the Egyptian Stock Exchange, the group stated that sales for the “Banan” project exceeded the first-year sales target.
Last May, the National Housing Company (NHC) and the Saudi Talaat Moustafa Group laid the cornerstone and began sales for the “Banan City” project in the Al-Fursan suburb northeast of Riyadh.
The launch was announced at the headquarters of Al-Fursan suburb in the presence of His Excellency the Deputy Minister of Municipal, Rural, and Housing Affairs and Chairman of the Board of Directors of the National Housing Company, Mr. Ehab bin Ghazi Al-Hashani; the CEO of the National Housing Company, Mohammed bin Saleh Al-Bati; as well as the Chairman of the Board of Directors of Talaat Moustafa Group – Saudi Arabia, Hisham Talaat Moustafa; the Vice Chairman of the Board of Directors of Talaat Moustafa Group – Saudi Arabia, Sulaiman bin Abdulqadir Al-Muheidib; and a number of board members and senior executives from both companies.
“Banan City” is a smart, fully integrated residential city spanning an area of 10 million square meters, including 40 % of vast open green spaces, It offers an unprecedented quality of life for more than 120,000 residents in a gated community, thanks to its unique blend of the latest smart city technologies with the concepts of authenticity and residential privacy, while applying the latest sustainability standards to present a new vision for an integrated lifestyle that represents the premier destination for housing and promising investment in Riyadh. Banan City offers more than 27,000 residential units, including apartments, villas, and plots of land for families, in a variety of sizes and layouts.
The Banan project is located within Al-Fursan, the largest suburb developed by the National Housing and Urban Development Company (NHUD), which was designed to provide an integrated urban living system in line with the Kingdom’s Vision 2030, featuring new standards and a sustainable urban environment across an area of 35 million square meters, providing more than 50,000 residential units capable of accommodating over 250,000 residents, and features more than 190 vital facilities ranging from educational, health, sports, and recreational facilities and services to parks, mosques, and places of worship. Green spaces cover an area exceeding 6 million square meters, bringing vitality and breathtaking natural beauty to the suburb.
Earlier, the Talaat Moustafa Group had revealed the prices of residential units in the project located east of the Saudi capital, Riyadh, where prices for apartments ranging in size from 53 to 176 square meters start at 260,400 riyals and go up to 1.025 million riyals.
Hisham Talaat Moustafa, Chairman of the Talaat Moustafa Group, estimated the expected revenue from the “Banan” project at approximately 40 billion riyals, or the equivalent of 12 billion dollars. Meanwhile, the total investment cost of the “Banan City” project is estimated at approximately 31.4 billion riyals.
