Misr Italia Properties acquires a 400-acre piece of land located in Ras Al Hikma at km 199 Alex-Matrouh Road, Invest-Gate reports.
This acquisition comes as part of Misr Italia’s plan to expand across Egypt, which brings the company’s total land bank to a total of 7.1 mn sqm.
Mohamed Hany El-Assal, CEO and managing director of Misr Italia Properties, says that Misr Italia Properties is keen on expanding its portfolio by embarking on the development of new innovative and high-quality projects. The company will launch its new 400-acres North Coast project soon, leveraging its experience of more than 20 years in the Egyptian real estate market.
Additionally, the company partners with leading international design and consultancy offices in order to introduce a homogenous and cohesive project, that makes sustainability and smart solutions a top priority. Misr Italia seeks to make optimum use of the area’s potential and natural assets.
On his part, Mohamed Khaled El Assal, CEO and managing director of Misr Italia Properties, adds that Misr Italia Properties aims to meet its customers’ expectations and to fulfil the highest level of luxury, comfort, and entertainment.
Further, the project’s investments amounted to EGP 23 bn. The project includes a variety of residential units, two hotels, and entertainment and commercial areas, all surrounded by water and green features distributed throughout the project. Moreover, the company is expected to start delivering units by 2027.
It is worth mentioning that Misr Italia Properties achieved EGP 4.2 bn gross contracted sales in H1 2022, with a growth rate of 58% when compared to H1 2021.