Misr Italia Properties signs an EGP 400-mn contract with Solid Construction to implement the construction work of the third phase of IL Bosco in the New Administrative Capital (NAC), Invest-Gate reports.

The real estate developer also reveals signing contracts with three construction companies to carry out concrete work for the VINCI project in NAC at a total cost of EGP 200 mn.

Solid Construction has started working on the project in mid-August, and it is expected to be completed within 18 months from the start date.

The CEO and Managing Director of Misr Italia Mohamed Khaled El Assal states that the company is keen on cooperating with large corporates specialized in all the works required in the company’s projects, including IL Bosco and VINCI in NAC.

El Assal explains that Solid Construction is working to accomplish the agreed tasks, which contributes to accelerating the work pace and carrying out the phase on time, in addition to signing the other three contracts with three companies to implement concrete work only in the VINCI project.

He adds that work on the VINCI project will start on September 1, and concrete works on six buildings are set to be completed within 18 months from the start date.

Besides, El Assal notes that Misr Italia is looking for concluding other partnerships with Solid Construction over the coming period to work on the company’s other projects with a large volume of business.

He stresses that Misr Italia’s real estate projects come in line with Egypt’s directions to develop NAC, especially that IL Bosco and VINCI will be among the fourth generation projects. Such projects achieve sustainability in an integrated manner and in a comprehensive concept.

Kareem Fawzy, CEO and chairman of Solid Construction, comments that the cooperation with Misr Italia is a new addition to the company’s business record, especially in NAC, affirming that the current period is witnessing a number of major companies in the private sector submitting offers to undertake the implementation of several projects in NAC.

With vast greenery, the Vertical Forest, quiet meadows, and water features, IL Bosco is poised to become the first of its kind in the MENA region in terms of integrating nature with high-end living spaces. It is also one of the largest environmentally friendly projects in Egypt. It is worth noting that the IL Bosco project spans over 200 acres, with total investments worth EGP 16 bn.

As for the VINCI project, Misr Italia’s second project in NAC, it spreads over 110 acres and is located near to the Diplomatic District and the Ring Road.