Ivory Investments intends to complete implementation of Ivory Business Park in Sheikh Zayed City, west Cairo by the end of the current year, according to the company’s Business Development Director Amro ElFiky.
He said that operation of Ivory Business Park is scheduled in mid-2021 with total investment ranging between EGP 450-500m.
Ivory Business Park is located within Allegria, SODIC’s development in SODIC West. The Park comprises 100 units, he added.
The project spans over17,000 sqm and comprises seven buildings, four of them are commercial with total area of 5,000 sqm with unit spaces range between 80-900 sqm, he highlighted, noting that sold units’ total area is 4,000 sqm of the project and the rest will be leased.
He pointed out that the company is currently searching for other investment opportunities after completing the implementation of its first project.
He further noted that the company focuses on implementing distinct and different projects in the market, elaborated that Egypt’s real estate market has no shortage in supply but lacks of providing distinguished real estate product needed by clients.
Ivory Investments may be heading to develop projects in other locations outside Cairo, and the smart developer is the one who creates demand according to the nature of the site and the land, he noted, disclosing the company is looking for a new investment in residential and commercial fields.
He believed that increase in real estate prices during 2020 is unlikely, especially since the factors that lead to price hikes are not present, including high demand, explaining that the market is witnessing a slowdown in sales with increase in supply in addition to low inflation rates during the recent period and lower interest rates.