Saib reopens Mansoura branch after comprehensive renovation    ABE signs cooperation protocol to finance beneficiaries of state-owned lands in Minya    Suez Canal Bank partners with CRIF Egypt to advance sustainability through Synesgy    Russia hits Ukraine with huge barrage as first Australian tanks arrive    Russia unveils 'Kinzhal' interceptor drone to counter low-altitude threats    Lebanon's PM says US proposal includes full Israeli withdrawal, state control of arms    Sandoz Egypt introduces OMNITROPE 15mg biosimilar growth hormone for the treatment of short stature    Egypt After 2025: Navigating a Critical Inflection Point    Spot Gold, futures slips on Thursday, July 17th    Egypt's EHA, Huawei discuss enhanced digital health    Egypt expresses condolences to Iraq over fire tragedy    Egypt, Oman discuss environmental cooperation    Egyptian, Belarusian officials discuss drug registration, market access    Health Ministry denies claims of meningitis-related deaths among siblings    EU–US trade talks enter 'decisive phase', German politician says    Sri Lanka's expat remittances up in June '25    Egypt's Health Min. discusses drug localisation with Sandoz    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, France FMs review Gaza ceasefire efforts, reconstruction    CIB finances Giza Pyramids Sound and Light Show redevelopment with EGP 963m loan    Greco-Roman tombs with hieroglyphic inscriptions discovered in Aswan    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Cabinet approves establishment of national medical tourism council to boost healthcare sector    Egypt's PM follows up on Julius Nyerere dam project in Tanzania    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Misr Italia achieves EGP 2bn in sales of its projects in 5 months
Company paying land instalments worth EGP 900m to ACUD during 2019, says Co-CEO
Published in Daily News Egypt on 03 - 06 - 2019

Misr Italia Properties targets achieving EGP 5.5bn in sales of its projects in the current year, compared to EGP 4.7bn last year, Mohamed Hany Al Assal, Co-CEO of the company told Daily News Egypt.
Al Assal said that the company has achieved EGP 2bn in sales of the Misr Italia Properties's projects within the first five months of the current year. Furthermore, it plans to direct EGP 2.4bn in investments in the company's projects during the current year out of which EGP 1bn will be directed to the IL Bosco project construction works in the New Administrative Capital (NAC).
Furthermore, Al Assal noted that the company has contracted with 10 new contracting companies to complete the project, pointing out that approximately 85% of the concrete works of the villas has been carried out.
Misr Italia Properties is developing 2,000 housing units, he added, revealing that EGP 250m has been directed for the project construction in the current year.
IL Bosco is located in the NAC on 200 feddan and is worth EGP 16bn in investments and it has acquired the ministerial approval for its implementation. The company has begun the project's construction works.
Additionally, he pointed out that the company is launching a new phase within the IL Bosco project during the second half of this year, adding that the company will begin its promotional campaign this month in preparation for marketing a different and new philosophy within the project, which requires promotion before marketing the units.
“Five contracting companies have been contracted to build the Vinci project in the NAC, which is the company's second projects in the Capital. It includes a variety of units comprising of villas, twin houses, and townhouses, with a built-up area of 17% of the total area of the project, while 83% of its space will be open and green areas,” he elaborated.
The Vinci project is located on an area of 110 feddan, with a land value of EGP 6.17bn, while the project's initial investment cost reached approximately EGP 9bn.
Moreover, he explained that the company has begun the project's earthwork and is expected to obtain the ministerial approval for the project development in June, revealing that the company will begin the construction works after obtaining the necessary licenses.
The company is paying land instalments worth EGP 900m to the Administrative Capital for Urban Development (ACUD) during 2019, and Misr Italia Properties has paid EGP 500m out of the land value of the Vinci project, in addition to the fact that the company paid EGP 400m of the land value of the IL Bosco project.
He revealed that bank financing does not exceed 10% of the company's financial plan. The company also has loans worth EGP 400m. The company is negotiating with National Bank of Egypt, the Commercial International Bank, and EG Bank for a new loan to finance its projects in the coming period, he disclosed, noting that the company is ready to offer its shares in the Egyptian Exchange, but is waiting for more stability in the performance of the capital market.
Egypt is planning to invest in real estate to open the commercial mall La Nuova Vista Mall in the Fifth Settlement, New Cairo, in November, 60% of which has been leased.


Clic here to read the story from its source.