A render of Banan City; a new 10km2 municipal region near Riyadh, Saudi Arabia. The scheme started construction earlier this month. (Image: Talaat Moustafa Group)

Talaat Moustafa Group, an Egypt-based developer, is the leading the construction project.

The scheme seeks to build more than 20,000 鈥榮mart鈥� homes for 120,000 residents in a gated community.

鈥淭he project masterplan centres on creating a harmonious blend of living spaces and a dynamic lifestyle with a variety of housing options, ranging from contemporary apartments, spacious villas, and comfortable family homes,鈥� said Talaat Moustafa Group. 鈥淏anan design integrates essential services including shopping, healthcare, education, and recreational facilities, catering to every resident鈥檚 needs to accommodate the diverse requirements of Saudi society.鈥�

A projected date for completion was not available, however, Talaat Moustafa Group noted the site鈥檚 proximity to the site of the future World Expo 2030 in Riyadh, suggesting availabilities will come before the close of the decade.

that Talaat Moustafa Group informed the Egyptian stock exchange that first-year sales targets of the Banan City homes were bested in just two months.

Foundation work finished in May, with principal construction currently underway.

Map and key of Banan City near Riyadh, Saudi Arabia. (Image: Talaat Moustafa Group)