Misr Italia, a diversified real estate developer in Egypt, is set to buy 500 acres of land at 6th Of October City in New Cairo for a key residential project aimed at the medium and high-income groups, said a report.

The company is already in talks with the Egyptian government on this issue, reported Daily News Egypt, citing a company board member.

The upcoming development will include administrative and commercial projects, revealed Hany Mohamed Al Assal.

The developer is also constructing the first administrative compound in New Cairo comprising 42 administrative buildings spread over 90,000 sq m, while the commercial buildings will cover an area of 20,000 sq m, said the report.

This comes in addition to a car park, a 120-room hotel, and a conference hall accommodating 1,000 people, it added.

The real estate developer also owns the Italian Village project, which is built on 36 acres, consisting of 1,700 residential units, of which 1,250 units have been handed over.

Al Assal said the company plans to build 2,000 tourist units in Mousa Coast and another 500 in Ain Sokha next year at an investment of E£2 billion ($255 million).

Misr Italia has also obtained a licence to set up a tourism university near the area, he added.