Egypt-based real estate developer Misr Italia Properties (MIP) has managed to record contractual sales of EGP 2 bn in 2020, paired with the delivery of mixed-use units at five different property projects nationwide, despite the Coronavirus-induced slump, Invest-Gate reports.
Among an array of achievements throughout the year, MIP is the first among the private sector to handover projects in the New Administrative Capital (NAC) ahead of the fixed date in 2021 through the delivery of phase I of the IL BOSCO compound, Mohamed Hany El Assal, the company’s CEO, confirmed in a press release on December 22.
With investments valued at EGP 16 bn, IL BOSCO stretches across 207 acres to feature a total of 5,100 residential units, varying between standalone villas, twin houses, townhouses, and apartments. So far, concrete buildings for 300 villas and 2,500 apartments are complete.
In a bid to keep the momentum going on urban expansion, construction is in full swing at MIP’s second development in NAC, called “Vinci,” attempting for delivery by 2022.
Spreading over 110 acres in a prime location in the new capital, with costs estimated at EGP 8 bn, Vinci is a luxury boutique compound incorporating at least 1,500 residential units, 600 villas, amongst multiple serviced apartments.
In New Cairo, MIP delivered 20 out of 42 buildings in its administrative project, “Cairo Business Park,” in 2020. Spreading over a land area of 78,000 square meters, the integrated development comes with investments worth EGP 500 mn.
MIP logged EGP 200 mn in sales of Allure Executive Offices – the latest addition to Cairo Business Park – within the first 48 hours of its launch last July, El Assal underlined.
That is besides handing over 20 residences at the developer’s ready-to-move-in 41-acre boutique compound in east Cairo, named “La Nuova Vista,” which brings 131 high-end villas, twin houses, and townhouses designed by Shehab A. Mazhar Architects.
More 2020 milestones for MIP include the inauguration of its first-ever commercial project, with combined costs of EGP 500 mn. Extending over 22,000 square meters in the vicinity of La Nuova Vista, “Garden 8” will see more investments of EGP 100 mn by year-end, the CEO noted.
Meanwhile, Kai Sokhna, which is being developed over 35 acres, with combined investments of EGP 2.4 bn, on the Red Sea coast, marked the delivery of phase I in Q4 2020. The beach community integrates a 200-key five-star hospitality establishment, or “Hilton Ain Sokhna Hotel,” poised to open in 2024.
As part of plans to accelerate the pace of construction on various projects, MIP has signed an EGP 650 mn loan agreement with the National Bank of Egypt (NBE), EG Bank, and Arab Investment Bank. The funding is notably aimed at pumping additional investments into Cairo Business Park, thereby the timely delivery of all units, El Assal indicated.
Due to the COVID-19 outbreak, MIP had earlier amended its target sales to EGP 2.5 bn, in lieu of the EGP 4.5 bn mark set in early 2020, while intending to pump investments worth EGP 3 bn by year-end, as highlighted in a previous statement.