Misr Italia Properties (MIP) announces that the first phase of the Solare Ras El Hikma project is sold out within hours of its launch, achieving EGP 2.4 bn in contractual sales, Invest-Gate reports.

The 320-unit project is situated at km 199 of the Alexandria-Marsa Matrouh Road, Solare Ras El Hikma enjoys a prime location, boasting a one km sandy beach; while comprising eight levels of varying heights.

The units’ design ensures that every unit enjoys uninterrupted views of the Mediterranean, and 100,000 sqm of lagoons, swimmable lagoons, and swimming pools. In addition, it covers an area of 386 acres, and the project is set to provide residents with hotels, retail, and F&B options.

For his part, Mohamed Khaled El Assal, CEO and Managing Director at MIP, states, “Firmly believing in the significance of embracing innovative perspectives that contribute to unparalleled developments.” noting that “MIP is dedicated to securing partnerships with experts from various fields.”

Moreover, Mohamed Hany El-Assal, CEO and Managing Director at MIP, asserts, “MIP is consistently growing its landbank, which now stands at 7.1 mn sqm, with an investment volume of EGP 32 bn.”

“The selection of the North Coast is the result of an extensive research process to ensure a distinguished product that enables the company to achieve its goals by offering a comprehensive range of real estate solutions,” Hany comments.