IGI Developments will launch four non-residential projects soon in west Cairo, Managing Director of IGI Developments Sherif Moustafa has said.
Moustafa added that the company’s land bank is approximately 350,000 sqm. The four planned projects are an administrative project in 6th of October City, a 15,000-sqm school, a mixed-use project on 50,000 sqm on Wahat Road with total investments of EGP 13bn, and a commercial project on Wahat Road with an area of 11,000 sqm.
“The company intends to offer a new 540-feddan project in New Sphinx City,” Moustafa said. “As a part of its current strategy, IGI Developments adopted a policy of accelerating the construction rates of its projects. Accordingly, it was able to deliver 1,000 units in 2022. Besides, another 1,000 units are scheduled to be delivered over 2023 out of which 500 units have already been delivered despite the increase in construction costs.”
Moustafa disclosed that the company aims to accelerate construction and development rates by pumping at least EGP 1bn into the construction of its projects during the current year to fulfill commitments to its clients.
IGI Developments developed a series of projects including Gardenia Park II, Gardenia Springs, Ashgar Heights, and Ashgar City. The company has delivered projects with a population of more than 30,000, equivalent to 7,000 families over the past 30 years. Upon the completion of all units in its projects, the total number of residents of IGI Developments’ projects would reach 60,000 people or 15,000 families.
As for the current changes in the real estate market, IGI Developments’ Managing Director explained that the lack of a clear vision compromised real estate companies’ ability to develop proper work plans and sound feasibility studies for their projects.
Moustafa added that the real estate market suffers from the uncertainty that resulted in a lack of fair pricing of essential construction materials, including iron, copper, cement, and aluminum, the prices of which have doubled since 2019.
“IGI Developments plans to participate in exhibitions in Arab countries other than Saudi Arabia during 2023 to make use of the big demand for Egyptian real estate products by Arab clients seeking to benefit from the difference in exchange rate and the huge facilities provided by Egyptian companies,” he explained.
“Among the projects that were promoted at the exhibition is Ashgar City, a project in 6th of October City with a total area of 148 feddan. IGI Developments also promoted the Ashgar Heights phase, and Starla Views which also includes villas,” he concluded.