Misr Italia Properties (MIP) has announced the launch of its newest residential project in Mostakbal City, IL BOSCO City, with investments worth EGP 22 bn, Invest-Gate reports.

Extending across 268 acres, the first-of-its-kind compound is located in a strategic location at the eastern extension of New Cairo, a few kilometers away from the New Administrative Capital (NAC), according to the company’s press statement on July 1.

Through IL BOSCO City, Misr Italia introduces a new concept of residence and real estate investment, as the first integrated natural community features unique residential units overlooking spectacular views of spacious greeneries and the iconic green river.

The developer will commence construction works of the project’s phase I during the first quarter of 2020, covering 40 acres, while the final handover is scheduled in 2024, the statement confirmed.

Commenting on the project launch, Mohamed Hany Al Assal, co-CEO of Misr Italia, said the development is not just a normal residential and commercial compound, since the architectural designs seamlessly harmonize with the green nature, creating an unprecedented forest-like atmosphere.

“IL BOSCO City lies in the heart of Mostakbal City, while being surrounded by the latest road networks, including central ring road and regional ring road,” Al Assal added, noting that the compound comprises stand-alone villas, townhouses, twin houses, along with two- and three-room apartments at various sizes.