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| Eng.Sherif Moustafa |
IGI Developments participates in Cityscape Egypt Exhibition with the largest portfolio of luxury housing units with investments of EGP 22 billion
Exceptional offers and facilities during the Exhibition starting from 5% down payment and installments up to 9 years
Introducing new and innovative products to the market with areas starting from 50 meters
Prices start from EGP one million and down payments from EGP 50 thousand
IGI Developments, a profound key market player in Egypt’s real estate industry, announced its participation in the Cityscape Egypt Exhibition from September 21st to 24th, with the largest portfolio of luxury housing units with investments amounting to EGP 22 B. Alike, the company rolls out special offers of 5% down payment and installments up to 9 years.
Further, the real estate developer has conducted a survey on the customers’ needs to launch innovative products in the exhibition and come up with products and offers favored by the clients. Thus, IGI Developments offers areas starting from 50 sqm, and prices starting from EGP 1M. Additionally, customers can own a unit with a down payment starting from EGP 50,000, as well as a three-bedroom unit for EGP 1.5M with installments over 8 years.
Eng.Sherif Moustafa: Since 2020, the company has adopted a new policy that keeps pace with the changes in the sector
Achievements of IGI Developments, a subsidiary of The International Group for Investments (IGI), highlights its extensive experience spanning more than 28 years in addition to the expertise of its founders, the Sheta family, and the magnitude of its origins which dates to 1942. IGI Holding, covered multiple industries including textile, food, industrial, housing, petroleum, and construction sectors, leaving a mark in the 80 years that followed its inception.
The company’s portfolio includes Income, Egypt’s leading partner for next generation infrastructure mega 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 NAC.
IGI Developments successful policies during the last two years contributed to achieving sales in 2022 equivalent to 3 times the sales of 2021
" Since 2020, IGI Developments followed a new policy that copes with the changes in the real estate sector and maintains its leadership. The company also formed a new team of experts who have been carefully selected in different sectors to set new plans that fit the company’s ambition and expansionist desire. However, IGI Developments’ leadership is notable through its introduction to the concept of mixed-use compounds in its projects Gardenia Park in 1995 followed by its renowned project Al Ashgar in 1997, supported by its expertise that goes back to 1942 in gaining its customers’ trust” said Sherif Moustafa, Managing Director of IGI Developments.
The team relied on devising new mechanisms in marketing and sales and conducting extensive studies to identify customer requirements and raise project execution rates, as well as unit pricing mechanisms to provide the best favorable prices for the market and customers, especially after the rise in the US dollar’s exchange rate against the Egyptian pound during the current year.
He stressed that "the successful policies of IGI Developments during the last two years contributed to boosting sales in 2022 to three times when compared to 2021 for the same period and is equivalent to the company's sales value in the past four years compared to the same period."
IGI Developments’ managing director also stressed: “As for our after-sales services, the company provides the highest level of services through its Customer Service Department, by cooperating with 10 specialized service companies to provide management and maintenance services for our projects of the highest quality to the customers.” He noted that "Al-Ashgar" project is an example of the company's keenness to develop its projects especially those which have been delivered, in addition to providing high-quality services that guarantee the increased value for our client’s units and create an added value for the project.
Offering execution works worth EGP 3.5 billion with the assistance of the largest number of contracting companies
" Sherif Moustafa pointed out that the company has a periodical plan to develop the project, which includes maintenance and upgrading of services such as landscape, roads and project lighting, and building efficiency upgrades. The plan also includes areas for children's games and serving snacks. Further, preparations are currently underway to upgrade the project's gates and the surrounding fence, in addition to some renovations in the commercial area. Eng. Sherif Moustafa reiterated that the company is keen to rent shops in its projects, to maintain quality and provide the best services.
It is worth mentioning that IGI Developments assigned several contractors, with a value of EGP 3.5B, to accelerate the projects' execution rates that are set to be completed within two years to guarantee the delivery of the largest number of units to customers in a record time. The assigned contractors’ work is in cooperation with IGI Developments’ sister company, Ginza for Construction. Ginza has a generous record of major projects, including Nile University and Children’s Cancer Hospital Extension -57357, Microsoft and Egypt Post buildings in Smart Village, and Cairo Airport Mall.
Delivering 1,300 units by the end of this year and launching a major project in New Sphinx city on an area of 540 acres
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.
"As a result of the company's projects' readiness and the availability of the highest standard of services, IGI Developments' projects achieved the highest occupancy rates in a standard time," he added.
Ashgar City Introduces a New Phase
“IGI Developments delivered 2,000 units in Ashgar City and plans to deliver 1,000 units by 2022-end, as 600 units were delivered in H1 2022, and the other 400 units are currently under delivery. As for our other projects, the company plans to deliver around 300 units by the end of the running year,” Sherif Moustafa stated.
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 City’s newest phase was introduced in March, under the name of Calla, and sold out in a short time. This encouraged IGI Developments to launch a new phase, Rosa, especially for Cityscape exhibition. The units' areas range from 100 sqm to190 sqm, including two or three bedrooms, with prices starting from EGP 1M and installments over 8 years.
New Launches in Ashgar Heights
Ashgar Heights offers 300 square meter villas, with prices starting from EGP 5M and installments for 8 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 80-170 sqm and installments up to 9 years.
Recently, 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. Anchor Development and Management shares IGI Developments keenness to provide high-level services, making it the ideal partner according to Eng. Sherif Mustafa.
Al Ashgar
Al Ashgar is located on Wahat Road in 6th of October City, the company’s renown project and one of the first to introduce the concept of an integrated compound in the city in 1997. Furthermore, the project consists of 3,500 delivered units ranging between apartments, villas, and townhouses.
The project’s newest phase was launched last May under the name “Jada” and was in high demand, which encouraged the company to launch new units in this phase for Cityscape with unit areas ranging 140-200 sqm and prices starting from EGP 2M, with eight-year installment plan. Units are set to be delivered within one or two years according to their phase.
IGI Developments is currently implementing an integrated service area in Ashgar Heights project. The new area will feature commercial, administrative units, and clinics over 5,000 sqm, besides three buildings that offer commercial, administrative units, and clinics in Al Ashgar, one of which is within Jada phase, on areas of 1,800 sqm, 2,500 sqm, and 2,300 sqm respectively.
The managing director of IGI Developments revealed the Company's intention to launch a major and distinctive project in New Sphinx City over an area of 540 acres to become one of the first leading developers in this promising area.
Eng. Sherif Mustafa expressed his gratitude to the government for providing services for this area, as well as developing the transportation and road network in West Cairo. The 6th of October City is now served by the metro, the LRT train, and the best transportation solutions, which increases the investment value and contributes to the speedy occupancy of projects across the city.
As for new investment opportunities outside 6th of October City, Sherif Moustafa pointed out that the company is studying many investment opportunities, including distinctive lands in the North Coast.
The managing director of IGI Developments stated that the real estate market managed to go through a filtration process in 2022, as the recent challenges contributed to highlighting the seriousness of the real estate developers in the market, who managed to achieve high completion rates in their projects and fulfill their obligations to their customers.
He explained that "the Egyptian customer has become more aware of the market trends and criteria and no longer focuses on the prices and facilities only, but rather focuses on the developer’s portfolio, experiences, and history. The customer also focuses on after-sales services and feedback from current customers."
He pointed out that the expertise and legacy of IGI Developments always make it on top of customers' choices, as well as major brokers from Egypt and various foreign countries to promote the company's projects.
"The Prime Minister's resolution to regulate the market will have a major role in attracting new investments and motivating serious companies to expand. He pointed out that there are specific criteria that guarantee the survival of those who are serious and preserve the rights of customers, noting that the country needs to achieve the desired results through an executive regulation and an explanatory list to answer developers' inquiries." he explained.
He also stressed the need for strict application of mechanisms to ensure that developers implement those regulations, such as Rera in Dubai and Wafi in Saudi Arabia.
He explained that these regulations will lead to regulating the relationship between the government, the developer and the customer and will reflect positively on the three parties with regards to determining rights and duties.
The managing director of IGI Developments said that that real estate brokers are the most important part of the real estate system at present. The broker not only contributes to the sales of the developer, but also reflects his credibility and an unserious broker can harm the reputation of the developer. Therefore, it is necessary to apply regulations on the profession to prevent unlicensed and unregistered brokers from working.
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Sherif Moustafa pointed out that the sales process has become dependent 60% and 70% on brokers, while the achieved percentage of direct sales through the real estate developer does not exceed 30% to 40%.
However, IGI Developments is always keen on selecting brokers who maintain the company’s credibility and not harm customers. Further, the commissions that the company pays to brokers reaches a maximum of 5% and are linked to the name of the broker and the number of units sold, he said.
“As part of IGI Developments appreciation to its partners in success, a ceremony was held in June to thank and honor brokers who contributed to the company's success and whose sales contributed to our various projects in achieving the highest sales and success rates over 2022,” Sherif Moustafa concludes.
It is noteworthy that IGI Developments is executing a water treatment station to recycle wastewater and use it in irrigation. It is also studying the use of solar energy in its project to apply the sustainability concept in its projects.