IGI Developments’ Managing Director IGI Developments is ready to launch 4 commercial and administrative projects, West Cairo, and mixed-use project with an area of 50 thousand square meters, Al-Wahat Road. Eng. Sherif Moustafa

Eng. Sherif Moustafa: we intend to participate in exhibitions in the Arab countries, and this is the best time for real estate investment

IGI Developments is an extension of its founders experiences, the Sheta family, since 1942

The company is preparing to deliver 1000 units in 2023, 500 of which have been delivered so far, despite the high construction costs

Previous clients account for 25% of the company’s sales, and 15% of our clients are non-Egyptian Arabs

IGI Developments projects with a monthly installment starting from 1500 Saudi riyals, Qatari riyals, or Emirati dirhams

IGI Developments Co. has relied on using difficult equation that combines the implementation of its projects in accordance with quality standards while maintaining their competitive prices, and providing the highest level after-sales service for delivered projects by continuing to raise their efficiency periodically to provide a quality of life that its clients deserve.

IGI Developments has been keen to keep pace with the continuous changes of the property market by conducting extensive studies that showed the requirements of the real estate sector at the current time.

IGI Developments is one of the first companies that contributed to spreading the concept of integrated residential communities in the Egyptian market during the mid-nineties of the last century, and it has a major role thanks to its distinguished projects in developing new cities at that time and attracting populations to them, such as Gardenia Park in 1994 and Hay Al-Ashgar in 1997, which is considered the most famous of the 6th of October City’s projects, followed by Gardenia Park II, Gardenia Springs, Ashgar Heights and Ashgar City.

IGI Developments has delivered, over the past 30 years, eight projects with a population of more than 30 thousand people, equivalent to 7 thousand families, bringing the number of families upon completion of all units to 15 thousand families, or nearly 60 thousand people.

Perplexity of the Real estate market

Concerning the current real estate market changes, Eng. Sherif Mostafa, IGI Developments Managing Director, revealed that the lack of vision clarity made real estate companies unable to develop a work plan and sound feasibility studies for projects.

In addition, the building materials market suffers from confusion resulting in a lack of fair pricing for the important and influential products in the construction process, including iron, copper, cement and alumetal, whose prices have doubled since 2019 until today.

Thus, the sales achieved by real estate companies in the last 3 years are surrounded by great risks in light of the current economic conditions in the event of implementation delay, and therefore this developer suffered a loss before starting work.

Exporting the property

Eng. Sherif Mostafa affirmed, within the framework of IGI Developments’ participation in the last tour of “this is Egypt” exhibition, which was held in Riyadh, Saudi Arabia, last May, that the company is targeting an external expansion plan with the aim of exporting real estate, especially in light of the company’s possession of a good product ready for delivery, as well as long experiences that contribute to gaining the trust of the largest segment of Arab and Egyptian cliens abroad.

He stated that the company has returned to participate in foreign real estate exhibitions, after many years of absence from attending outside events.

Eng. Sherif Mostafa confirmed that the timing of the exhibition was “ideal” coinciding with the start of the real estate sales season in the Gulf countries for those interested in Egyptian property and which included various projects that were implemented within the framework of the comprehensive urban renaissance that Egypt is currently witnessing and in light of the distinction of the Egyptian property products offered in the real estate market.

He indicated that the exhibition was a unique opportunity to introduce and market projects in Egypt as a global destination for those looking for new, sustainable and smart cities, as well as real estate products that compete with international products.

He assured that the current time is suitable for buying real estate, whether for Egyptians residing abroad or Arab brothers, to take advantage of the currency difference with the Egyptian pound, which guarantees the best investment for the foreign client as Egypt also has various projects and ambitious investment plans that attract Arab and foreign clients.

He explained that the company’s participation in the “This is Egypt” exhibition in the Kingdom of Saudi Arabia comes within the framework of its plan to support the export of Egyptian property and its belief in the importance of promoting opportunities and projects implemented by the Egyptian government and this is the beginning of IGI Developments’ participation in foreign exhibitions, as it intends to participate during the current year in other exhibitions in Arab countries not only the Kingdom of Saudi Arabia.

The current period is witnessing a great demand by clients in the Arab countries, especially with the depreciation of the currency and the great facilities offered by Egyptian companies, he added.

IGI Developments offered, during the “This is Egypt” exhibition, a diverse and distinguished group of units in its luxury projects in the 6th of October City, at competitive prices equivalent to between 150 and 300 thousand Saudi riyals, or $ 75 thousand and the company granted distinguished facilities for paying in installments of up to 8 years, and thus the monthly installment ranges between 1500 to 2000 in Saudi riyals or Qatari riyals, as well as UAE dirhams.

The “IGI Developments” projects that were promoted at the “This is Egypt” exhibition included “Ashgar City”, which is strategically located on the 6th of October near the Oasis Road, the Ring Road, Fayoum Road and Dahshur Road, and extends over an area of 148 acres, and “Ashgar Heights” on the 6th of October, which includes villas of various spaces, and the company has recently launched in the “Ashgar Heights” project, apartments under the name Starla Views, starting from 50 square meters and consisting of one-room studios, two- and 3-room apartments, and their spaces start from 80 to 200 square meters.

Eng. Sherif Mostafa announced that the company is offering units of its projects for a payment period of up to 7 years, but the offer for 8 years in installments was for the exhibition only, and that the company achieved very good sales during the exhibition period as the sales reflected the clients trust in the expertise, previous work and quality of IGI Developments projects, noting that 15% of the company’s clients are Arabs.

Deliveries and sales

Eng. Sherif Mostafa said that the company adopted a policy of accelerating the rates of construction and development of its projects, thus, it was able to deliver 1000 units during 2022 in spite of the economic challenges from which the real estate sector suffers, and it aims to deliver this year another 1000 units of which 500 units were already delivered despite the high construction costs.

Therefore, the company intends to accelerate construction and development rates by pumping no less than one billion EGP into the construction works of its projects during the current year, in order to complete its obligations of its clients.

As a result of the adopted policy, the company succeeded in achieving sales in 2022 equivalent to 4 times the sales made in 2021, despite the challenges, and it aims to achieve sales during 2023 equivalent to 3 times the sales done in 2022, and this is what the sales have been already achieved so far during the current year.

Thanks to the quality of the company’s projects and the keenness on after-sales services, as well as maintaining strong relationships with clients and fulfilling the obligations, the sales indicators showed that 25% of the company’s sales in new phases and projects were mostly to former customers or new ones who selected the company based on clients nominations which contributes to the growth of the “IGI Developments” family day after day.

The company’s expansions include commercial and administrative projects

The managing director of IGI Developments revealed that the company owns a portfolio of 4 non-residential projects that will be launched soon in West Cairo, which consists of about 350 thousand square meters, where 4 commercial and administrative projects located on the 6th of October will be offered, in addition to a school on an area of 15 thousand square meters, and a multi-use project on an area of 50 thousand square meters on Al Wahat Road with investments of 13 billion EGP and it will be launched in 2024, as well as a commercial project on the Dahshur link from Al Wahat Road, with an area of 11 thousand square meters, but its details will be announced soon.

He noted that the company’s largest future project will start soon on an area of 540 acres in the new city of Sphinx, and it is a land owned by the company for years and contains 25 thousand olive trees for about 20 years, and they will be preserved so as the project will be designed in a way to benefit of those trees.

Extended experiences and success partners of IGI Developments

Eng. Sherif Mostafa confirmed that «IGI Developments» is really keen to cooperate with a group of partners who add to the company and contribute to achieving the requirements of our clients, so that the cooperation is carried out with a variety of companies specialized in the fields of design and implementation, including Ginza, a sister company of «IGI Developments», which has a major works precedent.

It cooperate also with “IBS”, one of the “Mobica” companies specialized in integrated building systems, which is carrying out construction work in some stages of the Ashjar City project, and the Solid co., as well as the LMS construction co., one of the Landmark Sabbour companies, which is currently carrying out the construction works in the Jada phase in Hay Al-Ashgar under the supervision of Al-Amar co., the project consultant, and GDG co. is carrying out infrastructure works in the Jada phase in Hay Al-Ashgar and Ashjar Heights project, while Masar co. implements landscape works for all IGI Developments projects.

All this is achieved in cooperation with success partners in the field of engineering consultancy, design and project management, including Pinnacle-TBH, OKOPLAN, EHAF, and Al-Ammar companies while the company’s non-residential projects are designed by EMDAD and Distance companies.

IGI Developments owns a strong history as it is an extension of the expertise of the International Holding Company for Financial Investments, IGI, and the Sheta Family, whose work dates back to 1942 and has implemented various projects in the textile, food, industry, housing, and oil as well as construction sectors.

Income co. one of the sister companies of IGI Developments, is the leading Egyptian partner for the next generation of projects and acts as an intermediary for the most specialized infrastructure companies in the world, as well as the agent of the Chinese CSCEC co. which implements the financial and business district projects in the New Administrative Capital.

Ginza is also among the sister companies of IGI Developments and has a long history in the field of construction, as it implemented projects including Nile University, the extension of the children’s department in Hospital 57357, the Microsoft building and Egypt Post in the smart village, and Cairo International Airport Mall as well as many residential communities in Cairo West.