Egyptian developer Misr Italia Properties has started delivery of the first phase of its 16 billion Egyptian pounds ($1.1 billion) IL Bosco New Capital residential project, the company's CEO said. 

The 200-acre development is located in Egypt’s New Administrative Capital (NAC). 

Mohamed Khaled Al-Assal told Zawya Projects that they start with 60 villas and deliver the rest in the upcoming period. 

The first phase includes 200 villas and 500 apartments. 

The developer had announced on Sunday the launch of the 700 million pounds ($44 million) ‘The Park’ and 1.25 billion pounds ($79 million) The Cliff projects within IL Bosco New Capital. 

Khaled Al-Assal said The Park, which includes 380 apartments in 12 buildings, would be delivered in 2024 while The Cliff, which comprises of 163 villas, would be delivered in 2025. 

He said the developer has finished the skeleton of 300 villas and 2,500 apartments in IL Bosco New Capital. Additionally, Misr Italia is also planning to start delivery of its second project in the NAC, the 8-billion-pound ($509 million) Vinci, in 2022, he disclosed.  

(1 US Dollar = 15.70 Egyptian Pounds) 

(Reporting by Eman Hamed; Editing by Anoop Menon) 

(anoop.menon@refinitiv.com) 

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