28 Oct 2010
(MENAFN) Egypt’s biggest listed real estate developer Talaat Moustafa Group announced that it has begun to sell units at a project in Saudi Arabia built with local partner Al Oula Real Estate Development, Reuters reported.
The apartment and villa complex covering 3 million square metres northeast of the Saudi capital Riyadh has an investment cost estimated at $1.87 billion, TMG said in a statement.
The development, named Nasamat Al Riyadh, will have 4,145 residential units and will take an estimated six years to complete, it said.
TMG formed Thabat, its 50-50 venture with the Saudi firm Al Oula, to expand into the Saudi real estate market and sell homes to the country’s many young, wealthy consumers.
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