Misr Italia Properties Announces H1 2024 Performance with EGP 10.1 Billion in Contracted Sales Marking a 40% Growth Y-o-Y

Misr Italia Properties (MIP)، a leading real estate developer in Egypt، announced achieving contracted sales of EGP 10.1 billion in the first half of 2024.

This remarkable performance represents a 40% growth from EGP 7.2 billion recorded during the same period last year، underscoring the company's consistant performance during that period، as part of its strategy for expansion and growth in the Egyptian real estate market.

Contracted sales volume

“Its contracted sales volume in the first half of 2024 is a testament to customers’ unwavering trust in the company and the value we consistently promise. This motivates the company constantly uphold our commitment to excellence across all its projects، ensuring that it continues to create exceptional real estate experiences and ensure timely delivery،” stated Eng. Mohamed Khaled El Assal، CEO and Managing Director of MIP. “We remain dedicated to developing our projects in accordance with the highest global standards، with a strong focus on innovation and sustainability aligning with the company’s vision for development. This approach not only enhances the quality of life for our customers، but also guarantees long-term satisfaction.”

In H1 2024، MIP made significant progress across its projects at the New Administrative Capital، and showcased that progress by organizing a visit to the first fully integrated residential area within its flagship project of Il Bosco at the New Administrative Capital، in the presence of Eng. Khaled Abbas، Chairman of the board of directors of the Administrative Capital for Urban Development (ACUD). The event highlighted the rapid pace of development at the project، featuring over 430 villas and 1،470 apartments، with plans to deliver 580 units by the end of the year. Furthermore، the company continues to advance in construction at Vinci، located in in the diplomatic area، with over 480 units nearing completion and set for delivery in the coming period.

The first phase of Il Bosco City

In parallel، MIP is approaching finalization of the first phase of Il Bosco City New Cairo، with units scheduled for delivery by year-end. On the North Coast، Solare Ras El-Hekma، located on Kilometer 199، has seen EGP 54 billion in investments since its launch، 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 1.3 billion agreement has been signed with Redcon Construction، who will undertake the contracting and construction works for Solare Ras El Hekma، to be complete within 18 months. In order to enhance the project's appeal and highlight the unparalleled experience offered، MIP launched Solare Beach Club in summer 2024. Moreover، construction at the Red Sea development of Kai in Ain Sokhna is on schedule، with the final 60 units of the first phase set for delivery this year.

Progress has expanded reaching commercial developments where MIP unveiled Il Bosco Commercial Hub، a significant milestone at the New Administrative Capital; following a strategic agreement with Marriott International، where serviced units in the Vertical Forest are set to be managed under the Marriott Executive Apartments and Westin Residences brands. MIP's commitment to architectural innovation in commercial real estate is also exemplified in Radical-1، located in the New Administrative Capital and designed by CallisonRTKL.

Incorporating unprecedented concepts

First half of 2024 has also seen MIP organize the third consecutive edition of Il Bosco International Padel Tournament، held under the auspices of the Ministry of Youth and Sports and in collaboration with JPadel Egypt، the event hosted 240 players from 17 countries. To further show its unwavering dedication to incorporating unprecedented concepts and ensure a positive impact on the tourism and hospitality sectors in Egypt، MIP hosted three events during Cairo Food Week at Garden 8، as the event’s partner and sponsor. It also participated in the latest edition of Cairo Design Week as the official platinum sponsor، reflecting its dedication to promoting creative endeavors.

In order to further maintain its efforts towards community development، MIP has partnered with leading organizations including Al-Orman، Misr El-Kheir Foundation، Magdi Yacoub Heart Foundation، Baheya Foundation، and the Egyptian Food Bank. The company’s recent partnership has been with Al Nas Hospital، where it is set to sponsor the operation of two rooms، treating 130 children with heart disease for one year. With success achieved in sales targets، unit deliveries، and expansion of investments and partnerships in H1 2024، MIP further underscores its outstanding performance in developing state-of-the-art products and reinforces its leadership in the Egyptian real estate market.