Misr Italia Properties (MIP) achieved EGP 15bn in contracted sales during the first 8 months of 2024, and plans to deliver 1,700 units in its projects during the same year, says Mohamed Khaled El-Assal, the CEO and Managing Director of MIP.
The company plans to deliver 1,700 units by the end of 2024 across a variety of projects. MIP’s projects in the New Administrative Capital are progressing with the construction of Il Bosco New Administrative Capital and Vinci reaching 70%; meanwhile, the company is planning to deliver a total of 800 units in Il Bosco New Administrative Capital and 600 units in Vinci by end of 2024. Moreover, MIP has signed a strategic agreement with Marriott International to manage 100 Executive Suites at the New Administrative Capital, as well as 160 branded apartments under the management of Westin.
At the same time, in KAI Sokhna, construction has also reached around 70%, with phase I, offering a total of 200 units, completely delivered this year; the Red Sea project also features two hotels, offering a total of 140 rooms and 200 branded apartments. In New Cairo, Il Bosco City is set to deliver 100 units in the coming period; El Assal also highlighted that the administrative and commercial project of Cairo Business Park has reached 100% completion, and will feature a hotel set for operation in 2026 with a capacity of 130 rooms. El-Assal also revealed ongoing negotiations with several hotel brands to manage two hotels within Solare Ras El-Hekma, with contracts expected to be finalized soon. He also added that the company’s investment in the hospitality sector will reach EGP 40 billion over the next seven years, including seven hotels.
El Assal told Daily News Egypt that the company has made substantial progress in the construction of Solare Ras El-Hekma, the sales of which account for approximately 60% of total sales since the beginning of the year. Located on km 199, the North Coast project has so far seen EGP 54bn in investments, with key construction milestones achieved including geotechnical investigations, grading, and drilling of two exploratory wells, 80 and 120 meters deep. Building on that, a significant EGP 1.3bn agreement has been signed with Redcon Construction, who will undertake the contracting and construction works for Solare Ras El-Hekma, to be completed within 18 months of signing the contract. He went on to confirm that construction of the project is progressing according to schedule and that it is set to be complete within 7 years, with deliveries expected to start in two years.
He said: “The company plans to invest EGP 4bn by the end of 2024, aimed at accelerating construction and delivery rates across its range of projects. This approach builds customer confidence and enables the company to meet its commitments and deliver on time with the highest quality standards.”
El-Assal stated that the company is currently exploring investment opportunities in Saudi Arabia and Oman driven by strong real estate demand in these markets, he also emphasized that thorough and accurate research is crucial to companies looking to expand beyond the local market, enabling them to offer the right real estate products to its target customers. Additionally, he outlined plans for local expansion in West Cairo, targeting areas of around 200 acres, with various investment opportunities currently under consideration, reflecting the company’s commitment to strategic growth both regionally and internationally.
He stated that Egypt’s real estate market is expected to see price increases in the coming period, but these will not be as significant as those experienced in the past; rather, they will reflect natural growth. Developers will continue to offer flexible payment plans to support customers’ purchasing decisions, with overall price increases in the market expected to range between 20% and 30% in the coming period.
“There is strong and genuine demand in the Egyptian real estate market driven by population growth and a gap between supply and demand, making any possibility of a bubble in the real estate market unlikely. Additionally, property prices in Egypt are attractive to a large segment of customers overseas due to their lower cost compared to prices in the region, coupled with currency exchange differences,” El-Assal said.
Regarding MIP’s participation in Cityscape Egypt 2024, the company’s CEO and Managing Director said that the company will showcase a variety of projects at special prices with instalments of up to 10 years. He concluded that ready-to-deliver units in Il Bosco New Administrative Capital and Vinci will be available during the exhibition with strong and competitive payment plans of up to eight years. Furthermore, he mentioned that the company’s total land portfolio reaches 7.1 million sqm, and hosts around 17,000 families across various projects.
