Misr Italia Properties invested around EGP 3.4bn in its projects throughout the year and working on delivering all units on time to meet the homeowners expectations, said Mohamed Hany El-Assal, CEO of the company. Misr Italia Properties' 41-feddan project, La Nuova Vista, in New Cairo has set new standards for the real estate market, he added. The project is fully implemented and already inhabited by residents featuring vast landscape areas for nature lovers, covering 90% of the project area. “Community shopping mall ‘Garden 8' set to open in the first quarter of 2020, hosting the most luxurious brands in the region. This project is a true shopping haven in the heart of New Cairo,” El-Assal added. He further noted that another original project, set as part of the eco-expansion plan on an eco-conscious basis, Il Bosco City, is built on a total area of 268 feddan in Mostakbal City. It includes 6,600 housing units. The company is investing EGP 22bn in this project of which it has injected EGP 150m in 2019, with construction scheduled to start in the third quarter of 2020. Il Bosco project is different from "Il Bosco City", as the project is located on a total area of 207 feddan in the New Administrative Capital and hosts 5,100 units. Currently, the concrete work for 300 villas and 2,500 apartments has been finished to start delivery in 2021. Il Bosco investments will reach EGP 1bn and will host a new landmark in Egypt and the Middle East, he revealed. The Vertical Forest, part of Il Bosco in the New Administrative Capital, encompasses 700 units and three vertical forest buildings on seven floors designed by the renowned Italian architect Stefano Boeri. The Vertical Forest buildings feature an iconic design with vast vertical greeneries.These buildings come in the form of ecological corridors that give life to the project and also provide an architectural vital system by placing trees perpendicular to the balconies and outlets of buildings, with the aim of bringing the spirit of nature to urban areas and creating a balanced ecosystem. As an extension of Misr Italia Properties' investment in the New Administrative Capital, it has established the 110-feddan "Vinci" project with an investment of EGP 8.5bn. The project holds 3,000 units that are planned to start delivery by 2022. Not limited to Cairo, the company brings "Kai Sokhna" in Ain Sokhna, which includes 340 units, in addition to 180 rooms in the 5-star Hilton hotel. "Kai Sohna" also has a special beach that is 1,200 meters long. During 2019, investments have been made in the project with an estimate of EGP 300 million in construction; 85% of the first phase of the project has been finished with expected delivery of units starting the fourth quarter of next year.
