Talaat Moustafa Group (TMG) Holding opened reservations on Tuesday for “The Spine,” a EGP 69 billion mixed-use development targeting first-phase delivery within four years. The project will be managed through a fully electronic marketing and reservation system.
Talaat Moustafa Group (TMG) Holding opened reservations on Tuesday for “The Spine,” an EGP 69 billion mixed-use development, with first-phase delivery targeted within four years, TMG's chief executive Hisham Talaat Moustafa said.
The National Bank of Egypt holds a 24.5 percent stake in the project, which has one of the largest capital bases in the Egyptian market, Moustafa noted during an interview with broadcaster Amr Adib on MBC Masr’s “El Hekaya” programme. He described the integrated project as a qualitative shift for the Egyptian economy.
To broaden access, TMG offers flexible payment systems up to 15 years, with down payments starting at 1.4 percent of the unit’s value. Buyers will pay approximately 30 percent prior to delivery, allowing high returns through capital appreciation or premium leasing, Moustafa stated.
Located in the heart of the Madinaty development—the centre of the new East Cairo urban area—“The Spine” features independent entrances on the Cairo-Suez Road. Unit prices are competitive, with residential units lower than Madinaty villas and available in various sizes, he added. Moustafa highlighted international demand, citing a recent Sharm El-Sheikh project that attracted buyers from 65 nationalities, including New Zealand and Mexico.