Egyptian real estate developer Talaat Moustafa Group Holding (TMG Holding) is purchasing 500 feddans for development in the country’s New Administrative Capital, Invest-Gate reports.

According to data released on the Egyptian Exchange, TMG Holding has paid 10% of the value of the New Administrative Capital’s land as a first instalment worth EGP 440 mn.

Egypt’s plan to construct a new city 45 km (28 miles) east of Cairo was announced in March 2015 at a Sharm al-Sheikh summit held to attract foreign investors.