Misr Italia is currently negotiating with the Egyptian government over obtaining 500 acres of land in 6th of October City, according to Mohamed Hany Al-Assal, board member of Misr Italia Holding Company.
Talking to Daily News Egypt, Al-Assal added that the land will be used for the construction of a residential project for medium-income and high-income citizens.
The project will include administrative and commercial projects, Al-Assal said, adding that Misr Italia has submitted a request to the Ministry of Housing.
Misr Italia is building the first administrative compound in New Cairo. It consists of 42 administrative buildings covering 90,000 sqm, while the commercial buildings will cover space of 20,000 sqm. This comes in addition to a car park, a 120-room hotel, and a conference hall accommodating 1,000 individuals.
The real estate developer also owns the Italian Village project, which is built on 36 acres, consisting of 1,700 residential units, of which 1,250 units have been handed over.
In 2016, Misr Italia will launch 2,000 tourist units in Mousa Coast and 500 tourist units in the Ain Sokha project, with EGP 2bn in investments. It is 20%-25% more than the 2015 investments.
In order to cope with the new Suez Canal project, Misr Italia has decided to construct a commercial centre on a space of 80,000 sqm. Additionally, the company has obtained a licence to establish a university for tourism and hotels near the area, which will serve the mega project.
Misr Italia is also planning to establish five hotels with 1,500 rooms. “The Mousa Coast project has turned from being a normal tourist resort to a coastal city to accommodate 16,000 units, an Olympic club, commercial centre, spa, pools and over 10 restaurants,” Al-Assal said.