Cairo, October 8, 2023 – Misr Italia Properties announced its financial results for the third quarter of 2023, unveiling its achievement of the year’s sales target in the first 9 months, achieving more than 11bn, a phenomenal 57% growth compared to the same time of the previous year. This year's third quarter has seen the most sales in New Cairo's IL Bosco City, along with Solare Ras El Hikma, the first phase of which was sold out within hours of its launch. Moreover, the company's projects in the New Administrative Capital contributed to the total sales with EGP 3.5 billion
“The results of the third quarter reflect the company's vision and forward-thinking ambitious plan for investment and urban development. We, at Misr Italia Properties, are fully committed to constructing cutting-edge residential, administrative and commercial units that offer an exceptional quality of life contributing to enhancing the quality of life of our customers, which is a fundamental aspect of real estate development. Through diligent research and a deep understanding of market needs, we invest our time and resources to develop comprehensive solutions that set new standards and meet not only market demands, but also anticipate the evolving needs of clients.” stated Mohamed Hany El Assal, CEO and Managing Director at Misr Italia Properties.
Building on the above, Mohamed Khaled El-Assal, CEO and Managing Director of Misr Italia Properties, added, “Exceeding the targets for contractual sales has become synonymous with our presence in the market, bolstering our strategy for continuous growth and achieving exceptional results. This accomplishment is even more significant considering the challenging global economic conditions experienced in 2023, and further showcases the company’s plans towards redefining excellence in the real estate industry, which is also exhibited in MIP’s line of partnerships.”
As part of these remarkable achievements, Misr Italia Properties has started delivering units in IL Bosco at the New Administrative Capital, with the aim of delivering a total of 1,000 units this year. The company is also actively engaged in infrastructure development, including gas, water, electricity, and fiber optics for the first phase of the project. Furthermore, the company is diligently working on the construction of the first phase of Vinci in the New Administrative Capital as well, featuring 200 villas and 600 apartments, set to start delivery this year. As far as coastal endeavors, the company has completed the first phase of Kai Sokhna, a Red Sea destination offering a one-of-a-kind luxurious experience. The first phase of the project has been successfully delivered, providing property owners with all facilities and services needed for an exceptional experience.
A trailblazing company in Egypt's property market for many years. Renowned for delivering remarkable residential, commercial, and coastal projects all across Egypt, they possess an extensive portfolio of vast lands with 11 residential ventures, nine commercial ventures, and five luxurious hotels. Their portfolio spans a whopping 7.1 million square meters, showcasing flagship projects such as "Al-Bosco," "La Nova Vista," "Garden8," "Cairo Business Park" in the New Cairo, "Kai El Sokhna," and the grand "Solare" project covering 400 acres in Ras El Hekma's Northern Coast. Misr Italia Properties has truly left an indelible mark on Egypt's real estate landscape, consistently offering visionary and exceptional developments that redefine the essence of living and commerce.