Misr Italia purchases 110 feddans in Egypt’s new capital
Egypt’s real estate developer firm Misr Italia Properties said Wednesday that it has purchased its second land plot over 110 feddans worth 1.6 billion Egyptian pounds ($89.3 million) in the state’s New Administrative Capital.
The Cairo-based company has earlier attained another land plot in the city, Misr Italia’s further said, confirming that it plans to carry out a new project there, with initial investments of nine billion pounds.
Moreover, Misr Italia is currently executing its flagship IL Bosco that is situated amongst exclusive residential districts and connected to the main lines of transportation at the heart of the new capital.
From Vertical Forests to quiet meadows, a cross section of environments that weave IL Bosco into an ecological haven in the city. A revolutionary concept to be implemented in the Middle East and North Africa for the first time in the firm’s world class project.
Located 40km (24.8 miles) east of Cairo, the anticipated new capital city is part of the Egyptian government’s plan to expand urban areas to deal with the state’s rapid population growth and improve the nation’s infrastructure.
The new city will be a 270-square-mile hub with 21 residential districts to accommodate five million people. It will feature 1,250 mosques and churches, a 5,000-seat conference center, nearly 2,000 schools and colleges, over 600 medical facilities and a park that is projected to be the world’s largest.