Egypt’s real estate developer Talaat Moustafa Group Holding (TMG Holding) reported on January 2 that its overall sales jumped 62% YoY to EGP 21.3 bn at the end of December 2018 from EGP 13.1 bn in 2017, propelled by a significant rise in its residential unit sales, Invest-Gate reports.

TMG Holding said its residential unit sales had rocketed 93% YoY, reaching EGP 18.3 bn by the end of last year, compared to EGP 9.5 bn at the end of 2017, the company revealed in a recent bourse filing.

The surge in 2018 sales was mainly driven by an estimated revenue of EGP 12 bn from TMG Holding’s project in the New Administrative Capital (NAC), Celia – which was launched last June.

In addition, sales of commercial and administrative units stood at nearly EGP 2.9 bn in 2018, the company noted, highlighting the rising demand on such units, particularly since 2017.

Meanwhile, TMG Holding underlined that it has achieved “unprecedented sales” in Egypt and the Middle East since it started operating in the real estate market, having sold more than 90,000 properties since it began developing and selling units over 40 years ago.