Misr Italia Properties (MIP) has disclosed its end-of-year business results and achievements, highlighting significant growth rates achieved in 2023, Invest-Gate reports.

The company’s total contracted sales reached EGP 16.1 bn, compared to EGP 9 bn in 2022, reflecting an impressive increase of 79%. These figures surpassed the company’s original sales target for the year, which was set at EGP 11 bn, indicating a notable 46% growth. Additionally, MIP made substantial investments of EGP 2.1 bn in 2023.

During the year, MIP successfully delivered 1,052 units in various developments, including La Nuova Vista, Cairo Business Park, IL Bosco – New Capital, and KAI Sokhna. Construction is currently underway in IL Bosco to develop over 3,000 additional units.

The company has also completed the construction of more than 600 apartments, with an additional 300 villas currently under construction in Vinci, where the first deliveries are scheduled for the first half of 2024. KAI Sokhna has welcomed its owners after successfully delivering the first phase and operating all its amenities, while also making steady progress on the construction of the second phase.

Furthermore, in 2023, MIP signed agreements worth EGP 500 mn with Group Construction and Al-Andalus Construction and Development to continue construction works in IL Bosco City – New Cairo, as well as IL Bosco and Vinci in the New Administrative Capital (NAC).

The year 2023 also marked the launch of Solare-Ras El Hekma, MIP’s newest and first project in the North Coast. The first phase of this project sold out within hours of the launch, generating total contractual sales of EGP 4.2 bn in 2023. Additionally, the company introduced its latest commercial project, Radical-1, with investments totaling EGP 5.6 bn, exceeding the project’s sales target.

Mohamed Khaled El-Assal, CEO and Managing Director of MIP, expressed great pride in the company’s ongoing achievements, particularly in light of the challenging global circumstances. He emphasized the company’s contribution to the Egyptian economy and acknowledged the dedication of its employees and their commitment to fulfilling clients’ needs.