IGI Developments Cherishes A Flawless Track Record of Unlimited Success

IGI Developments Cherishes A Flawless Track Record of Unlimited Success

IGI Developments was keen to keep pace with the ongoing real estate market changes by conducting extensive studies that showed the recent demands of the real estate sector, as it is one of the first companies that contributed to spreading the concept of integrated residential communities in the Egyptian market in the mid-nineties of the last century. Thanks to its distinguished projects, the company had a big role in developing new cities that attracted a large population through projects such as Gardenia Park in 1994, and the renowned Al-Ashgar in 1997, both in 6th of October City. Consecutively, IGI Developments developed a series of successful projects including Gardenia Park II, Gardenia Springs, Ashgar Heights, and Ashgar City. Over the past 30 years, IGI Developments has delivered projects with a population of more than 30,000, equivalent to 7,000 families. 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. Instability of Construction Materials’ Prices As for the current changes in the real estate market, IGI Developments’ Managing Director Eng. Sherif Moustafa 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. Sherif 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. Accordingly, Sherif Moustafa highlighted that the sales revenues by real estate companies in the last three years would be subject to great danger caused by the current economic conditions in case of delayed construction, which may result in a loss in revenue.

Real Estate Export
As for IGI Developments’ participation in the last edition of the Hazi Misr exhibition in Riyadh in May, Sherif Moustafa reiterated that the company has extensive plans to export real estate, capitalizing on having a competitive product, as well as the company’s long expertise that gained the trust of its large client base amongst Arabs and Egyptians. The Managing Director Sherif Moustafa pointed out that the company has returned to participate in international real estate exhibitions, after many years of absence from attending events. Sherif Moustafa confirmed that the timing of the exhibition is ideal, representing the beginning of the real estate sales season in the Gulf countries for those interested in Egyptian real estate.

The exhibition featured a diverse portfolio of projects in Egypt that were executed under the flourishing real estate market, especially in new cities. He affirmed that the Hazi Misr exhibition and similar exhibitions in the Gulf region are a unique opportunity to market Egypt as a global destination for those looking for new, sustainable, and smart cities, as well as real estate products that can compete in international markets. Egyptian real estate also offers the best investment for Egyptian expats and Arabs who can benefit from the exchange rate difference and offered attractive packages, in addition to choosing amongst various projects and destinations in Egypt. He explained that IGI Developments’ participation in Hazi Misr comes within the framework of the company’s plan to support the export of Egyptian real estate and its belief in the importance of promoting opportunities and projects implemented by the Egyptian government. “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,” the Managing Director Sherif Moustafa explained. “During its participation in Hazi Misr, IGI Developments offered a diverse and distinguished group of units in its renowned projects in 6th of October City at competitive prices ranging between SAR 150,000 and 300,000. The company also offered payment plans of up to eight years with monthly installments that start from 1,500 SAR, which is the same equivalent in Qatari riyals and Emirati dirhams,” Sherif Moustafa said. “Among the projects that were promoted at the exhibition is Ashgar City, in the 6th of October City near Al-Wahat Road, the Ring Road, Fayoum and Dahshur Roads, and extends over an area of 148 acres. IGI Developments also promoted the Ashgar Heights phase “Starla Views”, with areas starting from 50 sqm and consisting of one bedroom studios, two and 3-bedroom apartments, with areas ranging from 80 to 200 sqm. The project also includes distinctive villas.” Sherif Moustafa added that the company achieved high sales during the exhibition, which reflects the customers’ confidence in the expertise and quality of IGI Developments’ projects. He revealed that 15% of the company’s clients are Arabs.

Deliveries and Sales
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 despite the economic challenges that the real estate sector suffered from. Besides, another 1,000 units are scheduled for delivery over 2023 out of which 500 units have already been delivered despite the increase in construction costs. Sherif Moustafa clarified that the company aims to accelerate construction and development rates by pumping at least EGP 1 bn into the construction of its projects during the current year to fulfill commitments to its clients. The top executive added: “As a result of this policy the company succeeded in achieving sales in 2022 equivalent to four times the sales achieved in 2021 despite economic challenges. The company also seeks to triple sales in 2023 compared to that achieved in 2022, and the current achievements for 2023 are going in this direction.” “Thanks to its high-quality projects, after-sales services, and strong relationships with customers, 25% of IGI Developments’ sales in new phases and projects were to existing customers or new customers who chose the company based on recommendations by previous customers which contributes to the growth of the company’s family day after day,” Sherif Moustafa said.

Expansions in Commercial and Administrative Projects
The Managing Director of IGI Developments Sherif Moustafa revealed that the company owns a portfolio of four non-residential projects that will be launched soon in West Cairo. “The company’s land portfolio for non-residential projects is about 350,000 sqm. Four commercial and administrative projects will be launched in 6th of October City, in addition to a school on an area of 15,000 sqm, and a mixed-use project on an area of 50,000 sqm on the Wahat Road with investments of EGP 13 bn, which will be launched in 2024,” he revealed. Sherif Moustafa also noted that there will be a commercial project on the Dahshur intersection with Wahat Road, with an area of 11,000 sqm, and its details will be announced soon. “The company’s largest future project will start soon spanning 540 acres in New Sphinx City on a land that has been owned by the company for years and contains 25,000 olive trees for 20 years. The trees will be preserved and the project will be designed in a way that makes use of those trees,” Sherif Moustafa noted.

Extensive Expertise and Success Partners of IGI Developments
Sherif Moustafa, Managing Director of IGI Developments, continued: “We are keen on cooperating with a group of partners who would add to us and contribute to the achievement of the requirements of our customers. Therefore, we cooperate with a variety of companies specialized in the fields of design and construction, including Ginza, a sister company of IGI Developments, IBS, and Solid in Ashgar City project; LMS, a subsidiary of Landmark Sabbour in ‘Jada’ phase in Al Ashgar; GDG for infrastructure design in ‘Jada’ and Ashgar Heights whereas Masar is handling landscape in all IGI Developments’ projects.” IGI Developments also has successful partners in consultancy, design, and project management, including Pinnacle-TBH, EHAF, OKOPLA and Al Amar companies. As for the company’s non-residential projects, EMDAD and Distance are conducting their designs. IGI Developments has a strong history as it is an extension of the expertise of the International Holding Company for Financial Investments and the Sheta family, whose work dates to 1942. IGI Holding covered multiple industries including textile, food, industry, housing, petroleum, and construction sectors, leaving a mark in the 80 years that followed its inception. IGI Holding’s portfolio includes Income, Egypt’s leading partner for the next generation of major infrastructure projects and acts as an intermediary for the largest and most specialized infrastructure companies in the world, and is the agent for the Chinese company CSCEC, which implements projects in the Financial District in the New Administrative Capital (NAC). Ginza, also amongst IGI Developments’ sister companies, has a generous record of major projects, including Nile University and Children Oncology Hospital Extension -57357, Microsoft and Egypt Post buildings in Smart Village, and Cairo Airport Mall, in addition to many residential communities in West Cairo.


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