There is huge potential for growth in commercial and administrative projects in Egypt, said Mohamed Khaled El Assal, CEO and Managing Director of Misr Italia Properties.
Customers’ needs are also constantly changing, and the sector has had to undertake a commensurate adjustment to cater to these needs. It has done so by introducing new and innovative products, whilst also expanding beyond residential projects, and exploring the country’s commercial, retail, and administrative potential.
El Assal added that according to JLL’s third quarter (Q3) Cairo Real Estate Market Performance report, there were no additions to Egypt’s residential market in Q3 of 2020.
This ensured that the total stock of residential units in the country was maintained at 159,000 units, although the demand for community malls and office space has seen an uptick.
In response to the latest market needs, real estate players have shown a tendency to invest in fully-fledged projects that encompass diverse elements, including real estate, commercial, retail, and residential units.
This is set to contribute effectively to the overall growth of the domestic market, and play a leading role in offering the best services and facilities to clients and residents, he noted.
“At Misr Italia Properties, we have expanded beyond residential and introduced our first commercial project, Garden 8 Mall, and carrying on with the construction of the Cairo Business Park in New Cairo,” El Assal further said, “This introduces the concept of standalone buildings and small to medium offices, creating an efficient work environment with modern and advanced telecommunications infrastructure.”
He added that Misr Italia has launched its first commercial project, the 22,000 sqm, fully fledged community mall, the Garden 8 Mall, which includes 58 commercial units. The company has invested EGP 500m into the project, 20% of which was pumped this year.
Misr Italia Properties plans to direct investments worth EGP 68bn over the coming 15 years with a diverse portfolio of projects. The company has grown its land bank to 11 million sqm across Egypt through 11 residential projects, nine commercial projects, five luxury hotels, and 6,000 delivered units.
Flagship projects include: IL BOSCO; VINCI & VINCI Street in the New Administrative Capital (NAC); La Nuova Vista; Garden 8 and Cairo Business Park in New Cairo; Kai Sokhna; Kai Sahel; IL BOSCO City in Mostakbal City; Hilton Ain El-Sokhna; and Hilton Garden Inn.