Egypt - Misr Italia Properties is studying securing a loan to finance the implementation of the Il Bosco and Vinci projects in the New Administrative Capital (NAC), Mohamed Hany El-Assal, CEO and Managing Director of Misr Italia Properties, told Daily News.
Recently, the company has concluded a strategic alliance with EFG-Hermes Holding to develop an investment plan.
El-Assal added that the company is studying several opportunities west and east of Cairo and the North Coast, whether in partnership with the New Urban Communities Authority or individuals, with areas ranging from 100 to 300 feddans.
During the first eight months of 2021, the real estate developer achieved contractual sales of EGP 3 billion, 25% of which were sales to foreigners and Egyptians working abroad. The company targets total sales of EGP 4 billion during 2021.
El-Assal noted that the company’s current investments in 2021 amount to EGP 1.8 billion, including EGP 750 million in land value.
The cost of construction amounting to EGP 1.05 billion, investments will reach EGP 3.5 billion by the end of the year, including construction and the value of the land.
El-Assal pointed out that the company has paid 50% of the value of the land of the projects developed by the company, and the company owns a land portfolio of 5.3 million square meters.
Currently, the real estate developer is developing 11 residential projects, 9 commercial projects, 5 luxury hotels, and have delivered 6,000 units.
The CEO further noted that the company obtained a loan of EGP 650 million from a banking alliance that included the National Bank of Egypt (NBE) and the Egyptian Gulf Bank. The loan contract is allocated for the financing part of the investment cost of the construction of the Cairo Business Park project in New Cairo.
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