Misr Italia Properties (MIP), a leading real estate developer in Egypt, continues its successful track record of delivering units to customers in a timely manner by hosting the official visit of the first integrated livable zone in the New Administrative Capital (NAC) in its flagship residential project in the NAC, IL Bosco. This new livable zone consists of more than 1,500 units of various sizes, featuring villas, apartments, a sports club, a swimming pool area, and a community center, along with the facilities designed to enhance the residents' living experience.
During the official visit, a press conference and exclusive tour were organized by the company in the presence of Eng. Khaled Abbas, Chairman of the Administrative Capital for Urban Development, Eng. Mohamed Hany Al-Assal, CEO and Managing Director of MIP, Eng. Mohamed Khaled Al-Assal, CEO and Managing Director of MIP, Karim Al-Assal, CEO of MIP, MIP Executive Committee, and representatives of MIP’s partners in success including Schneider Electric, Engineering Consulting Bureau (ECB), Banque De Caire, and Abu Dhabi Commercial Bank. Throughout the tour, MIP officials highlighted the remarkable progress made in collaboration with the NAC in the project to deliver all infrastructure and utility services such as gas, water, electricity, and optical fibers for the first phase, thus making the project ready for living. Also, guests were able to witness the first integrated livable zone, highlighting its adherence to the established timeline and commitment to maintaining the highest standards of quality in implementation and finishing.
This accomplishment is a testament to MIP's dedication to the rapid development of its projects in the New Administrative Capital. Previously, the company achieved a significant milestone by delivering the first phase of IL Bosco a year ahead of schedule, making it the first private sector real estate developer to deliver units to customers in the NAC. To date, MIP has successfully delivered more than 1,500 units to customers, consisting of more than 300 villas, 1000 apartments, and additional units ready for residents to move into. Currently, construction work is underway for IL Bosco's second phase, which aims to develop over 3,000 units scheduled for delivery in the near future according to the delivery dates scheduled.
In this context, Eng. Khaled Abbas, Chairman of the Administrative Capital for Urban Development (ACUD), said " The tour today has proven that Misr Italia Properties is an exemplary model of commitment to developing its land bank according to the highest level of design and execution. This approach not only enhances the value of the New Administrative Capital but also attracts both local and foreign investments, in addition to contributing to the movement of the residents to live in the NAC within the upcoming period". He also expressed his gratitude towards cooperating with Misr Italia Properties in other future projects with added value to the Administrative Capital.
For his part, Mohamed Khaled Al-Assal, CEO and Managing Director of MIP expressed his pride in the remarkable accomplishment witnessed today. He emphasized the diligent work carried out on the project site to ensure the delivery of the units in a timely manner. To accomplish this, he said “Our goal is to pump investments worth a total amount of EGP 3.9bn during the years 2023-2024. This effort has resulted in a magnificent landmark, making us the first private-sector real estate developer to have a fully integrated livable zone in the New Administrative Capital."
Building on the above, Eng. Mohamed Hany El Assal, CEO and Managing Director of MIP stated, "At Misr Italia Properties, we’re committed to providing all the advanced amenities in all our projects, contributing to enhancing modern lifestyle patterns and improving the quality of living to a diverse range of our customers through developing smart city concepts and solutions across all our projects, reaffirming our dedication to keeping pace with the evolving needs of our customers to provide a better quality of life, which goes in line with our tagline 'Life Inspired by You’."
The visit also witnessed the signing of a partnership between Misr Italia Properties and Telecom Egypt, the first integrated telecommunications operator in Egypt and the first operator of 5G services in Egypt. Through this partnership, Telecom Egypt will provide Fiber to The Home (FTTH) & surveillance solutions including analytics AI systems.
Eng. Mohamed Nasser, CEO and Managing Director at Telecom Egypt, stated, "Telecom Egypt continues to play a pivotal role in deploying integrated communication services and smart city services in new real estate projects, aligning with the evolving needs of customers. Telecom Egypt possesses a strong infrastructure and extensive technical expertise, making it the preferred partner for over 90% of major real estate projects in Egypt." He added, "We are delighted to sign this partnership with Misr Italia Properties to redefine industry standards and deliver unparalleled value to the customers, and contribute to a more sustainable future."
Being the first project that unveils the first integrated livable zone in the New Administrative Capital, IL Bosco will feature Radical-1, the first commercial, residential, and administrative projects in NAC and the Vertical Forest, the first of its kind in Egypt and the Middle East, IL Bosco Sports Club, a vibrant community center with a pool area. The residential area features both villas and apartment zones, with units standing amid wide green spaces with a distinct view of the Green River and the largest central park in the world. Other projects in the New Administrative Capital for Misr Italia Properties include Vinci, featuring Vinci Lagoons which offers the first swimmable lakes in the capital, and Vinci Street.
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