The new Capital Gardens City project first phase will be launched in June, Egypt’s top real estate developer, Hisham Talaat Moustafa told Forbes Middle East in an interview.
Hisham Talaat Moustafa, Chairperson and CEO of TMG, said the project will be established with EGP 500bn in investments and will provide 3.5m direct and indirect job opportunities.
The 5,000 feddans project will host nearly 140,000 housing units will be constructed in the project, to accommodate around 600,000 residents.
Egypt’s real estate tycoon Hisham Talaat Moustafa was ranked as ranks one of the top CEOs in the Middle East according to Forbes Middle East magazine.
He told Forbes Middle East said that TMG managed to achieve its objectives despite the challenges due to the coronavirus pandemic.
“TMG had to maintain the safety of 80,000 workers, ensuring stable cash flows, profits and returns, preserving the group’s shares in the stock exchange, and ensuring the safety of residents in the various company-owned projects, hotels, malls, and clubs,” he explained.
Hisham Talaat Moustafa, Madinaty and Al Rehab developer stressed that the group focused on developing solutions to these challenges while preserving all the existing workers. TMG did not lay off workers or reduce wages despite the financial pressures.
And about the company’s investment plans, Hisham Talaat Moustafa said that TMG started with the Madinaty project, as the company succeeded in completing the development of 70% of its total area. He explained that the entire project would be completed within 8 years, as the company works to complete a phase of the project each year.
The CEO of TMG explained that the new Capital Gardens City project will serve as a new starting point for the group, in line with its 2020/30 strategy, as the project will represent a shift in many environmental and technological aspects.
He added that TMG has succeeded in the Madinaty project to collect garbage under the ground. But in the new project, it will be dealt with in a way that will make it invisible, under the latest environmental standards and technology.
Capital Gardens City will feature electric vehicles as means of transportation to prevent air pollution, which will achieve the targeted sustainability standards and meet the needs of the population.
Egypt’s best real estate developer said that the Egyptian market enjoys high demand, as it needs one million units annually.
“This requires constant work and more projects in cooperation to bridge the gap between supply and demand,” Moustafa added.
Al-Rehab developer, Hisham Talaat Moustafa called for the necessity of providing legislation that enables the private sector to establish projects in partnership with the public sector, especially projects that deal with the BOT system, which opens the door for many companies to enter these projects and attract many foreign companies.