Egypt’s property developer Misr Italia Properties and El Mostakbal for Urban Development have inked a deal for the co-development of an integrated residential compound in Mostakbal City with initial investments worth nearly EGP 22 bn and expected sales of EGP 36 bn, Invest-Gate reports.

“The new project, an addition to Misr Italia Properties’ portfolio, will be established on a 268-acre land within ten years in partnership with El Mostakbal for Urban Development,” Co-CEO of Misr Italia Mohamed Hany El Assal said in an official statement.

“It will consist of stand-alone villas, twin houses, townhouses, and apartments, alongside a complete area for administrative and commercial buildings. The project is home to a sports club and clubhouse that incorporate a myriad of activities making it a vibrant destination for all its residents,” he added.

According to El Assal, both developers are pledging to establish “a unique environment and a futuristic city of the highest standards, while bringing Misr Italia’s total investments to EGP 68 bn.

El Mostakbal for Urban Development is the master developer of Mostakbal City which is developed over five phases on an area of 11,000 acres, where the roads and green areas represent 50% of the city’s total area.

During the project’s implementation period, up to 400,000 direct and indirect job opportunities will be offered, he underlined.

Misr Italia has recently launched its second premium residential compound in the New Administrative Capital, VINCI, offering the utmost elegance and luxury living –  after the major success in its initial new capital project “IL Bosco” last year.