Misr Italia Properties targets achieving EGP 5.5bn in sales of its projects in the current year, compared to EGP 4.7bn last year, Mohamed Hany Al Assal, Co-CEO of the company told Daily News Egypt.
Al Assal said that the company has achieved EGP 2bn in sales of the Misr Italia Properties’s projects within the first five months of the current year. Furthermore, it plans to direct EGP 2.4bn in investments in the company’s projects during the current year out of which EGP 1bn will be directed to the IL Bosco project construction works in the New Administrative Capital (NAC).
Furthermore, Al Assal noted that the company has contracted with 10 new contracting companies to complete the project, pointing out that approximately 85% of the concrete works of the villas has been carried out.
Misr Italia Properties is developing 2,000 housing units, he added, revealing that EGP 250m has been directed for the project construction in the current year.
IL Bosco is located in the NAC on 200 feddan and is worth EGP 16bn in investments and it has acquired the ministerial approval for its implementation. The company has begun the project’s construction works.
Additionally, he pointed out that the company is launching a new phase within the IL Bosco project during the second half of this year, adding that the company will begin its promotional campaign this month in preparation for marketing a different and new philosophy within the project, which requires promotion before marketing the units.
“Five contracting companies have been contracted to build the Vinci project in the NAC, which is the company’s second projects in the Capital. It includes a variety of units comprising of villas, twin houses, and townhouses, with a built-up area of 17% of the total area of the project, while 83% of its space will be open and green areas,” he elaborated.
The Vinci project is located on an area of 110 feddan, with a land value of EGP 6.17bn, while the project’s initial investment cost reached approximately EGP 9bn.
Moreover, he explained that the company has begun the project’s earthwork and is expected to obtain the ministerial approval for the project development in June, revealing that the company will begin the construction works after obtaining the necessary licenses.
The company is paying land instalments worth EGP 900m to the Administrative Capital for Urban Development (ACUD) during 2019, and Misr Italia Properties has paid EGP 500m out of the land value of the Vinci project, in addition to the fact that the company paid EGP 400m of the land value of the IL Bosco project.
He revealed that bank financing does not exceed 10% of the company’s financial plan. The company also has loans worth EGP 400m. The company is negotiating with National Bank of Egypt, the Commercial International Bank, and EG Bank for a new loan to finance its projects in the coming period, he disclosed, noting that the company is ready to offer its shares in the Egyptian Exchange, but is waiting for more stability in the performance of the capital market.
Egypt is planning to invest in real estate to open the commercial mall La Nuova Vista Mall in the Fifth Settlement, New Cairo, in November, 60% of which has been leased.