Misr Italia to Pump EGP 50 bn into Projects by Year-End

Misr Italia to Pump EGP 50 bn into Projects by Year-End

Chairman of Misr Italia Properties Hany Al Assal has revealed that the company plans to pump a total of EGP 50 bn into the real estate market in 2019, aiming to achieve a sales target of EGP 6 bn from its various projects in Egypt by year-end, Invest-Gate reports.

IL BOSCO, which is being developed on 200 acres in the New Administrative Capital (NAC), with EGP 16 bn worth of investments, have recorded sales estimated at EGP 7 bn, Al Assal announced during a press conference on June 17.

Misr Italia eyes investing EGP 2 bn into its property projects this year, of which EGP 800 mn set to be directed to NAC’s IL BOSCO and VINCI projects, he elaborated, noting that the latter compound is being established at costs valued at EGP 9 bn, with about EGP 1 bn logged in sales of its launch last October. Additionally, the developer is also building IL BOSCO City, its latest addition to east Cairo’s Mostakbal City.

Designed by Hany Saad Innovations to surpass clients’ expectations and cater to all tastes and needs, VINCI is “a boutique living state, in an upscale community, that features exceptional designs to comfort different needs by offering a range of housing types. From high-end villas to remarkable apartment buildings.”

During the conference, Misr Italia inked a joint collaboration protocol with the Egyptian Armed Forces Authority to establish a new national school in NAC, named “Al Assal Language School.” At an investment value of EGP 25 mn, the new project stretches across 11,800 square meters, while comprising 56 classes for 1,500 students of different grades.

Works are scheduled to be finalized by next September, El Assal uncovered, stressing that the educational development comes in line with the government’s efforts to expand urban development in NAC and boost investments in human capital. It is fully funded by Misr Italia, while the Armed Forces Engineering Authority will join forces with the General Authority for Educational Buildings to carry out its construction and implementation works.


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