PROJECTS: Egypt's Misr Italia Properties lines up new launches and deliveries for Q4

Delivery pipeline includes projects in Ain Sokhna, New Administrative Capital and New Cairo

  
Site photo of Cairo Business Park development, New Cairo. The project is being developed by Misr Italia Group

Site photo of Cairo Business Park development, New Cairo. The project is being developed by Misr Italia Group

Misr Italia Group/handout via Zawya Projects

Egyptian developer Misr Italia Properties has planned a robust launch and delivery project pipeline from the fourth quarter of 2020 onwards, the company's top executives told Zawya Projects.

CEO Mohamed Hany Al-Assal said the December 2020 launch line-up includes the 150-unit third phase of the 2.4 billion pounds ($154 million) Kai Sokhna hospitality project in Ain Sokhna. The 330-unit villa and chalet development also include a 200-key Hilton hotel.

He said the delivery pipeline for December includes the 150-unit first phase of Kai Sokhna, 80 villas of the 16-billion-pound ($1.02 billion) IL Bosco New Capital in the New Administrative Capital and 20 buildings of Cairo Business Park in New Cairo.

The 2.5 billion pounds ($160 million) business park comprises of a total of 42 buildings and a 133-key Hilton Garden Inn hotel, which will open in 2022.

Co-CEO Mohamed Khaled Al-Assal said the company would start the start construction of Vinci Street commercial project in New Cairo in 2021 with delivery scheduled for 2023.

Khaled Al-Assal said the company would invest 3 billion pounds ($192 million) in its ongoing projects in 2021.

(1 US Dollar = 15.60 Egyptian Pounds)

(Reporting by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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