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Misr Italia Properties to Deliver 500 Units in 5 Projects in 2020, Targeting EGP 4.5bn Sales CEO, Mohamed Hany El Assal: Company Expects Ministerial Approval for Vinci Project In New Administrative Capital Within A Month
Misr Italia Properties plans to deliver 500 units this year in its 5 projects: La Nuova Vista, Garden 8 Mall, Cairo Business Park, IL Bosco in New Administrative Capital, and Kai Sokhna, according to Mohamed Hany El-Assal, CEO of the company. Spanning over 40 feddan, La Nuova Vista comprises 131stand-alone villas, twin houses, and townhouses. Garden 8 Mall is a premium commercial project that offers 58 commercial stores with various spaces. The multi-service project is being built on an area of 22,000 sqm with a total investment of EGP 500m. The experimental opening of the first phase of Garden 8 is scheduled for the end of April, while the official opening will be in June. Cairo Business Park presents 42 administrative buildings with EGP 1.5bn investment. It spans over 78,000 sqm, and includes a hotel managed by the Hilton Garden Inn comprising 135 rooms. The first phase of the project will be delivered in the third quarter (3Q) of 2020. The whole project will be delivered in 2022. The mall will host luxury brands, flagship stores, high-end F&B chains with special concepts for Garden 8 and multiple other outlets. The fourth project is IL Bosco, the first private sector project to be delivered in the New Administrative Capital with a total investment of EGP 16bn and is being built on 207 feddan. It includes 5,100 units and sports and social clubs, in addition to an administrative and commercial mall on an area of 75,000 sqm which is scheduled to be delivered by 2022. The mall will be constructed this year and it will be fully leased, in addition to other three buildings representing the iconic Vertical Forest project. The first phase of IL Bosco offers 1,700 units and its delivery will start in 3Q 2020. El-Assal explained that currently the concrete works have been completed in about 350 villas and 2,500 apartments in IL Bosco, and the project is being developed over 4 phases. While the delivery of the first phase will start this year, the entire project is set to be complete in 2024. He added that the fifth project, Kai Sokhna, is a boutique luxury living coastal project with a total investment of approximately EGP 2.4b designed by Alchemy Design Studio. It is located on Al-Zaafarana-Ain Sokhna Road and includes 330 units and a 5-star hotel with a capacity of 180 rooms managed by Hilton. The first phase of the project includes 40 units and its delivery is scheduled to start this year. He disclosed that the company's investment plan in the current year includes EGP 3bn to be allocated for construction works and EGP 800m for installments of the company's lands. "At Misr Italia Properties we aims to increase the contractual sales to EGP 4.5bn this year, compared to EGP 3.5bn in 2019 in conjunction with the continued movement of the real estate market and the state's continuing efforts to support this sector," El-Assal noted. "The company exports 20% of its units, and this share is planned to be increased this year, but with the current circumstances related to Coronavirus outbreak and the cancellation of many international exhibitions, it is expected that all companies will be affected," he stated. El-Assal explained that the ministerial approval for Vinci project in the New Administrative Capital is underway and it is expected to be ready within a month. Vinci is a residential project located on an area of 110 feddan. It is designed by Hany Saad Innovations. Misr Italia Properties plans to sign a loan worth EGP 650m with a banking consortium of three banks for the development of Cairo Business Park project. The loan agreement is expected to be signed this month.
