14 May 2019
Egyptian developer Misr Italia Properties plans to spend six billion Egyptian pounds ($352 million) over the next three years on its Kai Sahel mixed-use project, located in Ras El Hekma on the North Coast, the company chairman said.
In February, Thomson Reuters Projects had reported that the project was estimated to cost seven billion pounds.
Hany El-Assal told Thomson Reuters Projects that building permits for the project are under process and construction work is expected to start by the end of 2019.
El-Assal said the project would be completed in 2023, adding that 50 percent of the residential units have been sold.
The project has been designed by the CallisonRTKL/DMA partnership, he added.
Misr Italia Properties is currently developing six projects including two residential projects - Vinci and Il Bosco - in Egypt's upcoming New Administrative Capital, and Cairo Business Park and Lanova Vista projects in Cairo.
(1 US Dollar = 17.05 Egyptian Pounds)
(Reporting By Marwa Abo Almajd; Editing by Anoop Menon)
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