Riyadh - Sharikat Mubasher: Banan City, located northeast of Riyadh, registered reservations worth around SAR 920 million, a few days after launching the project, a statement by Talaat Moustafa Group (TMG), the renowned urban developer in Egypt, revealed.

The Saudi National Housing Company (NHC) and TMG laid the project’s foundation stone earlier this week.

The multi-use Banan City will include health, education, and commercial services, in addition to a social sports club, to ensure a vibrant community and a new model of integrated life, in conjunction with the Kingdom’s Vision 2030.

Over a total space of 10 million square meters, the city will encompass 27,000 residential units of different sizes and designs that suit a wide segment of customers, providing an exceptional experience for more than 120,000 residents.

Banan City will feature the latest smart city technologies and apply the highest sustainability standards to ensure residential privacy.

Hisham Talaat Moustafa, Chairman of the Board of Directors of TMG, stated that the total investment cost of the project is estimated at SAR 31.4 billion.

He clarified that the project is forecasted to achieve revenues of SAR 40 billion.