Misr Italia Properties (MIP) owns a total land bank of 7.1 M m2 spanning 25 projects (10 residential and coastal developments, 10 commercial centers and 5 hotels) across New Cairo, the New Administrative Capital (NAC), Red Sea and North Coast. “Misr Italia Properties (Misr Italia Holding Company) has been at the vanguard of developing Egypt’s leading real estate market for years” said Mohamed Hany El-Assal, CEO and Managing Director of Misr Italia Properties.
In an interview with The Egyptian Gazette, he added that the flagship company projects include IL Bosco, Vinci & Vinci Street in the New Administrative Capital, IL Bosco City, Garden 8, Cairo Business Park in New Cairo, Kai Sokhna in the Red Sea, and a new project to be launched soon in the North Coast. Here is the complement of the interview: –
The company recently acquired a new plot of land in the North Coast. What is your plan for this land?
The company has recently acquired 400 acres in the North Coast , 200 kilometers from Ras Al-Hikma area, which is unique for the beautiful and purest beaches in the world, bringing the company’s land portfolio to 7.1 million square meters. With investments amounting to LE23 billion, the planned project will include a variety of residential and hotel units, recreational and commercial areas, in addition to two hotels that will be implemented according to the highest international standards. Delivery of the project is expected to be in 2027.
The company has achieved LE4.2 billion in sales during the first half 2022; so what is the value of the targeted sales for the second half?
We achieved LE4.2 billion in contractual sales during the first half of the current year 2022, compared to LE2.65 billion in the first half of a year earlier, with a growth rate of 58%. The results achieved are the culmination of a sales plan announced by the company at the start of the year and aims at achieving sales of LE7.5 billion in 2022.
What is the size of the company’s land portfolio?
The company owns a land portfolio estimated at 7.1 million square meters, with a company bold intention to expand in the West Cairo.
What is the number of units planned to be delivered this year?
The targeted deliveries for the current year 2022 amount to about 1,000 various units within the company’s projects in the Administrative Capital and Ain Sokhna. These deliveries include 800 various housing units in the “IL Bosco New Capital” project, in addition to more than 100 Villa and chalet in the first phase of the “Kai Sokhna” project.
What is the executive, marketing position of the “IL Bosco New Capital”, Cairo Business Park, and “Kai Sokhna” projects?
The investments of the Cairo Business Park complex value at LE6 billion, one billion of them is invested during 2022. The project covers an area of 78.000 square meters and includes a variety of units and is expected to start operation in March 2023. As for the IL Bosco New Capital project, its total investments amount to LE18billion with a land area amounts to 200acres and includes various units between villas, twin houses, townhouses and apartments. Concerning Kai Sokhna project, the construction works of the first phase have been completed and the finishing works are under way. Part of the first phase will be delivered in November 2022.
What is the company’s plan to deal with the rising prices of building materials?
The company has a committee called risk management, which meets when any change occurs that affects the cost of production directly. So, we continuously study market changes to lessen the effects of changing building materials prices. We constantly monitor the inflationary effect on the construction inputs due to the currency devaluation and the supply led inflation, to make the necessary price increases and avoid a negative hit in profitability. We do our price increases gradually to avoid shocking the market/burdening the client.