Misr Italia Group has announced the launch of its EGP1bn project, Kay Sokhna. According to the CEO, Mohamed el Assal, construction of the development is set to begin in two months, targeting completion by 2020. The project will spread over a land plot of 147,000 sqm. The company is expecting to generate EGP150mn in contracted sales from the project during the Cityscape exhibition (31 March to 3 April). On a separate note, Misr Italia’s plans to list 20-25% of its shares in an IPO in May is on track. The company is expecting to raise EGP1.5bn from the sale. It will use the proceeds to fund the development of ongoing, as well as new projects.
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