By: Abdullah Bedeir

Cairo – Mubasher: Misr Italia Properties plans to invest EGP 2.3 billion in two phases of a new residential project in the New Administrative Capital.

The property developer will begin the construction works in 2022 with delivery scheduled to start in 2024, the CEO and Managing Director, Khaled El-Assal, said in a press conference on Tuesday.  

The two phases will feature 818 residential units as the first phase will include 216 villas over 123,000 square metres (sqm) with expected investments of EGP 1.3 billion and the second phase will include 602 units over 35,000 sqm with expected investments of EGP 1 billion, El-Assal added.

The CEO further revealed that the company targets to invest EGP 700 million in the project during 2021 with sales estimated at EGP 1 billion during the year.

Spanning over an area of 110 feddans, the project is expected to feature 2,300 residential units with investments of EGP 9 billion.

The project will also include a 106-unit commercial area over 15,000 sqm with investments of EGP 350 million. The commercial area is expected to be delivered in 2024.

Translated by: Zeinab Adel