A number of projects will be complete by 2022 says developer
Developer Misr Italia Properties says it will deliver 500 units this year across five major projects spread across Egypt. Four of the projects: La Nuova Vista, Garden 8 Mall, Cairo Business Park and IL Bosco are in the New Administrative Capital. The fifth project, Kai Sokhna, is said to be taking shape on the Al-Zaafarana-Ain Sokhna Roa according to Mohamed Hany El Assal, CEO of Misr Italia Properties.
As per a report by Daily News Egypt, La Nuova Vista comprises 131 stand-alone villas, twin houses, and townhouses, while Garden 8 Mall is billed as a premium commercial project that offers 58 commercial stores with various spaces.
The report states that the Cairo Business Park is being developed over a 78,000sqm area at an investment of $95.2m. Once complete, it will feature 42 administrative buildings in addition to a 135-room hotel managed by the Hilton Garden Inn. El Assal remarked that the first phase of the project will be delivered in the third quarter, while the entire project will be handed over in 2022.
Garden 8 mall will host luxury brands, flagship stores, high-end F&B chains with special concepts for the mall in addition to other outlets, he explained.
IL Bosco is said to be the first private sector project to be delivered in the New Administrative Capital. The project comprises 5,100 units as well as sports and social clubs, in addition to an administrative and commercial mall. The project is expected to be delivered by 2022.
Kai Sokhna is a $152m boutique luxury living coastal project being designed by Alchemy Design Studio. Located on Al-Zaafarana-Ain Sokhna Road, the project features 330 units and a five-star hotel with a capacity of 180 rooms managed by Hilton, explained El Assal.
He noted that the first phase of the project includes 40 units and its delivery is scheduled to start this year.