Misr Italia Properties Successfully Launched Solare in The North Coast & Sold Out First Phase in Hours

By Eman Hamed

Misr Italia Properties (MIP) announced that it sold out the first phase of Solare Ras El Hikma. In an impressive feat, the first phase of the project, offering 320 units, was completely sold out within hours of its launch achieving EGP 2.4 billion in contractual sales.

Situated at km 199 of the Alexandria-Marsa Matrouh Road, Solare Ras El Hikma enjoys a prime location, boasting a one-kilometer sandy beach; while comprising eight levels of varying heights, the project offers an array of meticulously designed units. Units enjoy uninterrupted views of the Mediterranean, as well as 100,000 m2 of lagoons, swimmable lagoons, and swimming pools. Covering an area of 386 feddans, the project is set to provide residents with hotels, retail, and F&B options, as well as a state-of-the-art sports arena. Construction is set to start within one year, with the first phase scheduled to start delivering in four years.

Mohamed Khaled El Assal, CEO and Managing Director at MIP, stated “Firmly believing in the significance of embracing innovative perspectives that contribute to unparalleled developments, MIP is dedicated to securing partnerships with experts from various fields. This approach ensures the creation of a project that not only boasts an appealing design but also delivers exceptional and sustainable value. We have collaborated with a group of international experts in architectural planning and design to ensure the exceptional quality of our project. Through our partnership with EDSA, a leading American architectural firm, and Whitespace Architects, a Dutch company specializing in architectural design, we have leveraged their proven track record in executing outstanding projects to develop a unique project that aligns with MIP’s vision for the North Coast. Our commitment remains providing state-of-the-art projects to our clients.”

Mohamed Hany El-Assal, CEO and Managing Director at MIP, further emphasized, “MIP is consistently growing its landbank, which now stands at 7.1 million m2; with an investment volume of EGP 32 billion, Solare Ras El Hikma represents a significant part of our expansion plan and vision to deliver projects with exceptional value throughout Egypt. The selection of the North Coast is the result of an extensive research process to ensure a distinguished product that enables the company to achieve its goals by offering a comprehensive range of real estate solutions.” He went on to explain that MIP is introducing a new concept to the Egyptian market, which goes beyond traditional residential offerings. The aim is to create a fully integrated community that provides an immersive experience where families can live, work, and play. El-Assal expressed pride the company’s role in setting a new standard for quality, innovation, and sustainability in the Egyptian real estate market through this project, which serves as an exclusive summer destination in Egypt.

Solare Ras El Hikma will offer a diverse range of products, including villas with areas ranging between 208 – 271 m2, twin houses with areas ranging between 188 – 204 m2, chalets with areas ranging between 108 – 161 m2, and townhouses with an area of 174 m2. The first phase of the project is set to start delivering in 2028.