Egyptian real estate developer Misr Italia Properties has announced it has exceeded its full-year 2023 sales target in just the first nine months, achieving over EGP 11 bn in contractual sales, recording a 57% year-on-year surge, Invest-Gate reports.

Sales were driven by the company’s IL Bosco City project in New Cairo and the newly launched first phase of Solare Ras El Hikma, which sold out within hours. Projects in the New Administrative Capital also contributed EGP 3.5 bn to sales.

CEO Mohamed Hany El Assal said the results demonstrate Misr Italia’s vision and ambitious investment and development plans.

The company is committed to constructing cutting-edge residential and commercial units that offer exceptional quality of life to enhance customers’ lifestyles.

El Assal added that surpassing targets has become synonymous with Misr Italia’s presence, bolstering its growth strategy and delivering exceptional results despite challenging global economic conditions in 2023.

This showcases the company’s plans to redefine real estate excellence.

Misr Italia has begun delivering units in IL Bosco City in the New Administrative Capital, with 1,000 targeted this year along with infrastructure development.

It is also constructing the first phase of its Vinci project in the New Administrative Capital. The company has completed the first phase of its Kai Sokhna Red Sea destination as well.

Misr Italia Properties has an extensive 7.1 million sqm portfolio including 11 residential, nine commercial and five hotel projects. Flagships include IL Bosco, La Nova Vista, Garden8, Cairo Business Park, Kai El Sokhna and the 400-feddan Solare resort.