Misr Italia Properties Surpasses 2023 Sales Target with Total Contractual Sales Soaring to EGP 16.1bn

Saturday 17 Feb 2024

Misr Italia Properties Surpasses 2023 Sales Target with Total Contractual Sales Soaring to EGP 16.1bn, Achieving a 46% Growth with Total Pumped Investments of EGP 2.1bn

 Misr Italia

 

Misr Italia Properties (MIP) discloses its end-of-year business results and achievements, showcasing remarkable growth rates achieved over the course of 2023; where the company's total contracted sales reached EGP 16.1 billion, compared to EGP 9 billion in 2022, reflecting an impressive increase of 79%. These figures surpass the company's sales target for the year, originally at EGP 11 billion, indicating a notable 46% growth. Moreover, 2023 has seen MIP make substantial investments of EGP 2.1 billion.

MIP completed the delivery of 1,052 units in La Nuova Vista, Cairo Business Park, IL Bosco – New Capital and KAI Sokhna during 2023 and construction is currently underway within IL Bosco to develop more than 3,000 units. The company has also completed the construction of more than 600 apartments, in addition to 300 villas currently under construction in Vinci with the first deliveries starting in the first half of 2024. KAI Sokhna has also welcomed its owners after successfully delivering the first phase and operating all its amenities, whilst also making steady progress in construction of the second phase. The year 2023 has seen the company sign EGP 500 million agreements with Group Construction and Al-Andalus Construction and Development, to carry on with construction works in IL Bosco City-New Cairo as well as IL BOSCO and Vinci in the New Administrative Capital.

Furthermore, 2023 witnessed the launch of Solare-Ras El Hekma, the company’s newest and first project in the North Coast, the first phase of which sold within the first hours of the launch, with total contractual sales amounting to EGP 4.2 billion in 2023. Additionally, the company introduced its latest commercial project, Radical-1, with investments of EGP 5.6 billion, closing the year on a high note by surpassing the project’s sales target.

“We take great pride in the ongoing achievements of MIP year on year, even amidst the challenging global circumstances. As an Egyptian company, we are particularly proud of our contribution to the Egyptian economy. These accomplishments also stand as a testament to our commitment to clients, which wouldn't have been possible without the dedication of our employees and the efforts they continue to exert, and most importantly our firm belief in addressing market gaps and clients’ needs with the unwavering goal of fulfilling our promise of 'Life Inspired by You'. Other key elements that contribute to our success are the company’s adaptability to market changes, and consistently meeting the evolving needs of our clients,” said Mohamed Khaled El-Assal, CEO and Managing Director of MIP.

Building on the above, Mohamed Hany El-Assal, CEO and Managing Director of MIP, expressed his pride in the company's achievements. He emphasized that the strategic partners, who played a significant role in our achievements, contributed to our success. Through 2023, the company witnessed being part of a series of illustrious events. “To foster creativity and innovation, numerous events were held at Cairo Business Park, East Cairo's entrepreneurship and innovation hub. We joined forces with Startups Without Borders, as well as partnered with Creative Summit for the second year in a row. The company also hosted IL Bosco International Padel Tournament for the second year in a row, that was attended by the Minister of Youth and Sports, and Khaled Abbas, Chairman and MD of The New Administrative Capital.  Other major events included our participation in MIPIM and the Saudi-Egyptian Real Estate Development Conference (SEREC) for the first time, as well as proudly partnering with the first-ever Cairo Food Week, further demonstrating our dedication to engaging with diverse sectors and creating memorable experiences for our valued stakeholders.”

Driven by a deep commitment to giving back to the community, MIP actively participated in initiatives that uplifted lives, fostered awareness, and extended a helping hand to those in need. Initiatives included supporting 57357 Children’s Cancer Hospital in light of International Childhood Cancer Day and Magdi Yacoub Heart Foundation’s initiative in celebration of Valentine's Day. Furthermore, MIP organized charitable Iftar tables in collaboration with the Egyptian Food Bank during the holy month of Ramadan in the village of Tante Gezira, located in Qalyubia, where the company built El-Assal Primary School. Moreover, the company helped raise awareness on World Autism Day, in partnership with the Egyptian Autistic Society and collaborated with Baheya Hospital for an awareness campaign during Pink October. Driven by a commitment to humanitarian aid, the company collaborated with the Red Crescent to donate emergency medical supplies to the people of Gaza, reaffirming its work towards providing communities with essential services and vital resources in times of need.

About Misr Italia Properties

Misr Italia Holding has been at the vanguard of developing Egypt’s leading real estate market for years. It is known for providing paramount projects for residential, commercial, coastal, and hospitality properties across Egypt. The company’s land bank, of 7.1M squared meters, stretches across Egypt with 25 residential, commercial, and hospitality projects. Flagship projects include IL Bosco, Vinci & Vinci Street in the New Administrative Capital, La Nuova Vista, IL Bosco City, Garden 8 and Cairo Business Park in New Cairo, Kai Sokhna in the Red Sea, and most recently, Solare in the North Coast.

 

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