CAIRO: Leading Egyptian developer Talaat Moustafa Group Holding (TMG Holding) has announced that its key subsidiary Arab Company for Projects and Urban Development will be joining hands with the New Urban Communities Authority (Nuca) to build a new residential city in east Cairo.
The Nour Capital Gardens project, being set up at an investment of E£500 billion ($32bn), will boast a total of 140,000 residential units that can accommodate about 600,000 people, said the company in a statement.
Egyptian Minister of Housing Assem El Gazzar and TMG Holding Chairman and Managing Director Hisham Talaat Moustafa jointly laid the cornerstone for Nour Capital Gardens, it added.
Globally renowned groups including Perkins Eastman, BCG and US-based landscape architects Swa Group and Sasaki are the planners of Egypt’s ‘first green smart city’ project, revealed Moustafa, while speaking at the function.
“The project will create 3.3 million job opportunities and generate an estimated tax revenue of E£110bn,” he noted.
To be developed over a sprawling 21m sq m area within Capital Gardens City, the new facility will also feature commercial, administrative, and governmental service areas, he added.
Capital Gardens is a new urban area on Cairo Suez axis, in front of the New Administrative Capital. On completion, the project will have all types of housing – including luxurious and unique housing ‘integrated urban activities, villas and buildings’, in addition to medium housing, said the developer.