IGI Developments uncovers its expansion plan during Cityscape 2022, Invest-Gate reports.

Sherif Moustafa, managing director of IGI Developments, says that Cityscape exhibition is the ideal destination for local and international developers in Egypt and MENA region.

The exhibition also has a great impact on the market, where it shows real estate developments over the year and changes in the global real estate market, as well as shows local projects.

During Cityscape 2022, Moustafa uncovers the company’s plan to launch a major and distinctive project in New Sphinx City on an area of 540 acres. The project’s first phase spans over ​​250 acres and features residential units, commercial and entertaining services, and a social sports club. Additionally, the company is waiting for the completion of the procedures with the Urban Communities Authority and getting the ministerial decision before the end of 2021.

Moreover, IGI Developments studies many investment opportunities and is interested in acquiring land in the North Coast because it is one of the most attractive places for tourism in Egypt and the most important summer destination for Egyptians and tourists.

Moustafa adds that the company is implementing about 10 major projects between residential and commercial. These projects provide products with the best quality that meet the clients’ needs. Further, IGI’s portfolio is EGP 22 bn in the residential projects only.

Notably, the current population of IGI Developments projects’ is 30,000, equivalent to 6,000 families. After delivering all projects’ units, the population will reach 60,000 or 12,000 families. The company plans to deliver about 1,300 units in 2022, including 1,000 units In Ashgar City, where 600 units were delivered.

Moustafa clarifies that IGI Developments’ sales tripled in 2022, when compared to 2021 for the same period. The total sales of Al Ashgar and Ashgar City projects reach 15% due to the raise in the price of the dollar versus the Egyptian pound and the high demand from foreigners for the Egyptian projects.

Further, IGI Developments launches a new phase, Rosa, within Ashgar City during Cityscape 2022. The units’ spaces range from 100 sqm to 190 sqm, including two or three bedrooms, with prices starting from EGP 1 bn and installments over eight years. Ashgar City spans over 148 acres and it is located near all main axes and roads, such as Al-Wahat Road, Ring Road, Fayoum Road, and Dahshur Road.

Ashgar Heights offers 300 sqm villas, with prices starting from EGP 5 mn and installments over eight years. IGI Developments will also launch new products within Ashgar Heights project, with apartment areas starting from 50 sqm for one-room studios, and two and three-bedroom apartments, with areas ranging from 80 to 170 sqm and installments up to nine years. IGI Developments partnered with Anchor Development and Management to market the apartments in Ashgar Heights, as the company is currently marketing 600 units in this project varying between apartments and villas.

As for the Jada phase in Al Ashgar project, it ranges from 140 to 200 sqm, with prices starting from EGP 2 mn, with an eight-year installment plan. Units are set to be delivered within one or two years according to their phase.