Egypt’s Misr Italia Properties said on Thursday that it has secured a ministerial decree for its Solaré Ras El Hikma project, located on the North Coast.
The company secured the decree five months after it submitted the project plans. This also comes three months after the launch of its first phase, according to a company statement.
The project spans 389 acres and features villas and chalets, two hotels, a commercial hub, a clubhouse, a one-kilometre sandy beach, and swimming lagoons of an area of 100,000 square metres.
EDSA, the US-based design company, developed the project’s master plan while White Space Architects, the Netherlands-based company, is its main architect.
Construction of Solaré Ras El Hikma will start in August and is expected to start delivering in 2027, the statement added.
The company also said that the 320-unit first phase has been sold out, with sales revenue reaching 2.4 billion Egyptian pounds ($81 million).
