Misr Italia Properties achieved sales worth EGP 4.2 billion in the first half (H1) of 2022, compared to EGP 2.65 billion in the same period last year. The company aims to reach EGP 7.5 billion in sales by the end of this year.
Misr Italia Properties Mohamed CEO Hany El Assal said the company is among the top three property developers in East Cairo in terms of sales, especially in IL Bosco City, New Cairo, whose sales have exceeded the target of 1.5 billion EGP for 1H. 2022.
El Assal noted that the company continues to seek new opportunities which the company is sure of its seriousness and feasibility. Thus, the company recently acquired a plot of 400 feddan on the north coast, located 200 km from the Ras Al-Hikma region, which is characterized by the most beautiful and pure beaches in the world. Thus, the land reserve of Misr Italia reaches 7.1 million EGP.
He added that the project investments amount to EGP 20 billion and will include a variety of residential and serviced apartments, leisure and commercial areas, united by water formations and green spaces distributed throughout the project. In addition, two hotels will be developed according to the highest international standards, and in partnership with the biggest brands in the field of hotel management and operation. Delivery of the project is expected to begin by 2027.
He pointed out that the company is continuing its expansion plan to develop its land reserve and expand into another project on the north coast, with an average area of 400 feddan. The company also aims to expand in western Cairo, in order to diversify its portfolio of projects.
He added that the targeted deliveries for the current year 2022 amount to approximately 1,000 various units in the company’s projects in New Administrative Capital and Ain Sokhna, including 800 various housing units in IL Bosco, consisting of 600 apartments and 200 villas of various sizes, in addition to the first phase of the Kai Sokhna project includes 100 villas and chalets.
The total investments of the Cairo Business Park project, the company’s main administrative project, amounted to EGP 6 billion, of which EGP 1 billion was invested in 2022. The project is located on an area of 78,000 m² and comprises a variety of units, including an administrative complex complex in addition to small and medium-sized offices, El Assal revealed.
He further pointed out that the construction work at the site is 95% complete and the project is expected to be in operation in March 2023 as the company is working at full capacity to accelerate the development of the project and begin operations. .
The IL Bosco City project is under development with investments amounting to EGP 24 billion, and EGP 800 million will be spent on the project in the current year. The project’s target sales reached EGP 29 billion, El Assal explained, adding that the project is located on an area of 268 feddan. The total number of units in the project is 6,300 units and it is expected to start delivery in 2024. The construction of the first phase of the Kai Sokhna project has been completed and includes 200 units. The concreting works have also been completed and are currently in the finishing phase. Part of the first phase was delivered in March 2022.
In addition, Misr Italia has launched a new phase within the Vinci project, namely Vinci Lagoons with investments worth EGP 1.5 billion, located in an area of 13 feddan, under the project, which has an area of 110 feddan in the R7 area of New Capital in the diplomatic area, he noted.