Egyptian developer Misr Italia Properties (MIP) announced the acquisition of 400 acres of land on the North Coast in Ras Al Hikma for a mixed-use project comprising residential units, two hotels, entertainment and commercial areas.

A press statement quoted CEO and Managing Director Mohamed Khaled El Assal as saying that that the company will develop the project at a total investment of 23 billion Egyptian pounds ($1.2 billion) with deliveries expected to commence in 2027.

MIP reported gross contracted sales of 4.2 billion pounds ($220 million) during the first half of 2022.

The acquisition increased the developer’s land bank in Egypt to a total of 7.1 million square metres (sqm), the statement said.

(1 US Dollar = 19.13 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)