Egyptian developer Misr Italia Properties has launched two new phases, Como Lakes and Imperia Gardens, of its ongoing Vinci project in the New Administrative Capital (NAC), a top company official said. 

Company CEO and MD Mohamed Khaled Al-Assal said the two phases represent a combined investment of about 2.3 billion Egyptian pounds ($147 million), adding that construction would start in 2022 with deliveries starting in 2024. 

The 1.3-billion-pound ($83 million) Como Lakes includes 216 villas and townhouses spread over an area of about 123,000 square metres (sqm) while the 1-billion- pound ($64 million) Imperia Gardens includes 602 apartment units in 10 buildings over an area of about 35,000sqm. 

DMA is the architect, Hany Saad Innovations is the interior designer, and Purescape is landscape consultant for both projects, Al-Assal said. 

He said the 350-million-pound ($22 million) Vinci Street commercial project would be delivered by 2024. The project, spread over an area of about 15,000 sqm, will comprise of 106 units for offices, clinics and shops. 

Al-Assal added that the six-phase, 2,300-unit Vinci project would be fully completed by 2027. 

(1 US Dollar = 15.65 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com)

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