Egypt - Misr Italia Properties has achieved sales worth EGP 4.2bn in the first half (1H) of 2022, compared to EGP 2.65bn in the same period last year. The company aims to achieve EGP 7.5bn in sales by the end of this year.
CEO of Misr Italia Properties Mohamed, Hany El Assal, said that the company is among the top three real estate developers in East Cairo in terms of sales, especially in IL Bosco City, New Cairo, whose sales exceeded the target EGP 1.5bn during 1H 2022.
El Assal noted that the company is continuing to search for new opportunities that the company is sure of its seriousness and feasibility. Hence, the company recently acquired a land area of 400 feddan in North Coast, located 200 km from Ras Al-Hikma area, which is characterized by the most beautiful and purest beaches in the world. Accordingly, Misr Italia’s land bank reaches EGP 7.1 million sqm.
He added that the project’s investments amount to EGP 20bn, and it will include a variety of residential and serviced-apartments, recreational and commercial areas, united by water formations and green spaces spread throughout the project. In addition, two hotels will be developed according to the highest international standards, and in partnership with the largest brands in the field of hotel management and operation. Delivery of the project is expected to start by 2027.
He pointed out that the company is continuing its expansion plan to develop its land bank and expand in another project in the North Coast, with an average area of 400 feddan. The company also aims to expand in West Cairo, in order to achieve diversification in the company’s portfolio of projects.
He added that targeted deliveries for the current year 2022 amount to about 1,000 various units in the company’s projects in New Administrative Capital and Ain Sokhna, including 800 various housing units in IL Bosco, consisting of 600 apartments and 200 villas of various sizes, in addition to the first phase of the Kai Sokhna project comprises100 villas and chalets.
Total investments of the Cairo Business Park project, the company’s main administrative project, amounted to EGP 6bn, of which EGP 1bn was invested in 2022. The project is located on an area of 78,000 sqm, and includes a variety of units, including a comprehensive administrative complex in addition to small and medium-sized offices, El Assal disclosed.
He further pointed out that construction work on the site is 95% complete and it is expected that the project will be operated in March 2023, as the company is working at full capacity to speed up the development of the project and begin operations.
The IL Bosco City project is being developed with investments amounting to EGP 24bn, and EGP 800m will be directed into the project during the current year. The project’s target sales reached EGP 29bn, El Assal explained, adding that the project is located on an area of 268 feddan. The total units of the project are 6,300 units, and it is planned to start delivery in 2024. The construction of the first phase of the Kai Sokhna project has been completed and includes 200 units. Concrete works have also been completed and are currently in the finishing phase. Part of the first phase was delivered in March 2022.
Moreover, Misr Italia launched a new phase within Vinci project, which is Vinci Lagoons with investments worth EGP 1.5bn, located on an area of 13 feddan, within the project, which has an area of 110 feddan in New Capital’s R7 area in diplomatic area, he noted.
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