Misr Italia di­rects EGP 9bn in Vinci project New Cap­i­tal

The Daily News Egypt - - News - By Shaimaa Al-Aees

Mo­hamed Hany Al As­sal, Co-CEO of Misr Italia Prop­er­ties, said that Vinci project is cov­er­ing an area of 110 fed­dan at a value of EGP 6.17bn, while the ini­tial in­vest­ment cost is es­ti­mated at EGP 9bn. Af­ter the mas­sive suc­cess achieved by the pre­vi­ous project, IL Bosco.

In roundtable meet­ing held Mon­day, Al As­sal de­ter­mined that the project in­cludes dif­fer­ent va­ri­eties of Vil­las, Twin houses, Town­houses, in ad­di­tion to lux­u­ri­ous apart­ments that range from one to four be­d­rooms.The project’s foot­print to­tals to only 17% of the land leav­ing the re­main­ing 83% to be de­vel­oped into lush mes­meris­ing green­ery, a cap­ti­vat­ing en­ter­tain­ment sec­tor, and a vi­brant com­mer­cial area.

“The com­pany seeks to en­hance its real es­tate port­fo­lio us­ing sta­teof-the-art tech­nolo­gies in im­ple­ment­ing trend set­ting projects,” he as­sured. “Misr Italia Prop­er­ties con­tracted with Hany Saad In­no­va­tions to de­sign the ar­chi­tec­ture’s in­te­ri­ors and ex­te­ri­ors, em­body­ing the essence of so­phis­ti­ca­tion and cus­tomi­sa­tion. In ad­di­tion, Cal­li­son RTKL with the co-op­er­a­tion of DMA de­vel­oped the project’s over­all scheme, im­ple­ment­ing rev­o­lu­tion­ary con­cepts aligned with in­ter­na­tion­ally ac­knowl­edged stan­dards and strate­gies.

He re­vealed that Misr Italia Prop­er­ties owns a 6 sqm land port­fo­lio and man­ages a huge port­fo­lio of projects in­clud­ing res­i­den­tial, coastal, com­mer­cial and ad­min­is­tra­tive.

The projects are Kai Sokhna, Kai Sa­hel, La Nuova Vista, Cairo Busi­ness Park, IL Bosco and Vinci.

Al As­sal noted that Kai Sokhna in­cludes a huge res­i­den­tial re­sort, a 5-star ho­tel that en­tails en­ter­tain­ment and lux­ury ser­vices man­aged by Hil­ton which is worth in­vest­ments of EGP 1bn.

He pointed out that Kai Sa­hel in the North Coast in­cludes swimmable la­goons with a to­tal shore­line of 1,200 me­tres and a 5-star ho­tel with EGP 5bn in­vest­ments.

Lo­cated in New Cairo are the ad­min­is­tra­tive project Cairo Busi­ness Park and the res­i­den­tial project La Nuova Vista which in­cludes 131 vil­las of around EGP 800m worth of in­vest­ments.

IL Bosco is lo­cated in the New Ad­min­is­tra­tive Cap­i­tal and is worth EGP 16bn of in­vest­ments.

Al-As­sal re­vealed that Misr Italia Prop­er­ties has signed a part­ner­ship agree­ment with El Mostak­bal for Ur­ban De­vel­op­ment for the co-de­vel­op­ment of a land plot of 268 fed­dan within El Mostak­bal City project.

He added that, El Mostak­bal City is a dis­tinc­tive ex­ten­sion of the Ad­min­is­tra­tive Cap­i­tal and New Cairo with dif­fer­ent and unique con­cept.

The un­der­ly­ing ven­ture is as­sessed at EGP 22bn for the new project where it is ex­pected to yield deals worth EGP 36bn.

Mo­hamed Hany Al As­sal - Co-CEO of Misr Italia Prop­er­ties

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