AGEC Developments announced the launch of the IVY Residence project in Shorouk City, with a total investment of about EGP 800m.
Ayman Rafla, Chairperson of AGEC Developments, said that the project comprises 320 apartments and 70 villas with various sizes.
Rafla noted that the IVY Residence compound was designed by two consulting offices, where Yasser Al Beltagy Architects (YBA) developed the master plan of the project, and the GPS office developed interior design of the project.
He added that it is planned to deliver the entire project within 3 years, and the delivery of buildings and villas in the project will begin within 15 months, and a comparison is underway between project management companies to choose a company responsible for managing the project.
He revealed that the company has contracted with Suez Canal Bank to finance clients of the IVY Residence project, so that mortgage financing is provided to project clients through the bank, as part of the company’s plan to provide financing to clients, in addition to the state’s plan to bridge the gap between selling prices and clients’ purchasing power.
Moreover, the company plans to develop a tourist project in Ain Sokhna or Ras Sidr. The company is currently choosing a plot of land that matches the target project, with the expansion in North Coast in the future, to diversify the company’s investment portfolio and meet demands of customers, according to Rafla.
“AGEC owns a plot of land in Fifth Settlement, New Cairo with an area of 5,000 sqm, as well as it owns 1,000 feddan in Beni Suef governorate,” he disclosed. “Furthermore, the company plans to be an agricultural residential resort that includes residential units and agricultural products to be an investment and recreation opportunity for customers. The resort is located near New Administrative Capital. The company’s total investments in the local market amounted to EGP 2.5bn, which includes various investments.