Egyptian billionaire Hisham Talaat Moustafa's SouthMED records $4.2 billion in sales

Omokolade Ajayi -

Key Point

  • TMG Holding’s new $20.9 billion SouthMED resort on Egypt’s North Coast secured a staggering $4.2 billion in bookings within just 12 days.
  • The brisk sales reflect confidence in TMG’s brand and Egypt’s enduring luxury property market.
  • The project promises luxury living, job creation, and billions in tax revenue for Egypt.

Egyptian real estate giant TMG Holding, led by billionaire Hisham Talaat Moustafa, has raked in a staggering $4.2 billion in bookings within just twelve days from its new $20.9 billion mega-development, SouthMED, situated along the picturesque North Coast.

The brisk sales momentum reflects a strong appetite for the project, fueled by Egypt’s enduring luxury real estate demand, TMG’s established brand, and a proven track record.

Egypt’s $20 billion SouthMED resort secures $4 billion in sales

Located near El-Alamein International Airport and spanning 23 million square meters, the mixed-use leisure and entertainment destination boasts an eight-kilometer shoreline. SouthMED, with a total investment of EGP1 trillion ($20.9 billion), has already secured EGP 200 billion ($4.18 billion) in sales during its initial twelve-day booking period.

SouthMED promises a diverse mix of 744 residential units, including S-Villas, apartments, studios, and duplexes. It is projected to achieve total sales of EGP 1.6 trillion ($33.4 billion) and contribute a significant EGP 2.4 trillion ($50.15 billion) to the Egyptian economy.

Envisioned as a haven of luxury, the project will feature a clubhouse, water lagoons, and landscaped green areas. It is expected to create 1.6 million jobs and generate EGP 283 billion ($5.91 billion) in new tax revenue.

TMG’s regional footprint expands

Founded in 1974, TMG Holding has established itself as a dominant force in Egypt’s real estate sector. The conglomerate has witnessed exponential growth under the leadership of Hisham Talaat Moustafa, who holds a 43.16 percent stake in the company.

Further demonstrating its regional ambitions, TMG’s Banan City project, launched in May in Saudi Arabia with a total investment of SAR 31.4 billion ($8.4 billion), has garnered impressive sales within two months, totaling an estimated EGP 40 billion ($836 million).

TMG soars in MENA expansion, sets benchmark with record sales

TMG Holding’s continued expansion in the Middle East and Africa (MENA) region, coupled with a loyal customer base of over 140,000 high-net-worth clients, has propelled the company to record-breaking sales figures of EGP340 billion ($7.11 billion) as of July 8, 2024. Property sales surged by 206 percent in the first quarter of 2024, reaching EGP61.8 billion ($1.29 billion).

TMG’s success with SouthMED sets a new benchmark for project launches within the Egyptian real estate sector. This achievement could potentially encourage other developers to explore similar high-end offerings along the Red Sea coast, further bolstering Egypt’s tourism industry.