AGEC Developments announced the launch of IVY Residence project in El Shorouk City, with a total investment of about EGP 800m, in a press conference in the presence of company’s officials.
Ayman Rafla, Chairman AGEC Developments said that the project is located in a privileged location in Shorouk City, directly on Suez Road, opposite Madinaty Gate. In addition, the project includes 320 apartments and 70 villas with various sizes. Rafla added that the project construction rate is strong.
Rafla noted that the IVY Residence compound was designed by two of the largest consulting offices, where Yasser Al Beltagy Architects (YBA) developed the master plan of the project, and GPS office developed interior design of the project, both of which are distinguished offices that have a strong precedent and experience within local market and outside Egypt.
He added that it is planned to deliver the entire project within 3 years, and the delivery of buildings and villas in the project will begin within 15 months, and a comparison is underway between project management companies to choose a strong and distinguished company responsible for managing the project, in order to maintain its investment value and maintain clients’ investments in the project.
He revealed that the company has contracted with Suez Canal Bank to finance clients of the IVY Residence project, so that mortgage financing is provided to project clients through the bank, as part of the company’s plan to provide financing to clients, in addition to the state’s plan to bridge the gap between selling prices and clients’ purchasing power.
He pointed out that AGEC Developments has more than twenty years of experience in field of real estate development, especially in Heliopolis and Sheraton Heliopolis.
The company has established many residential, administrative and commercial projects, he noted, added that the company plans to expand in the coming period in various projects that the company owns its own lands.
Moreover, the company plans to develop a tourist project in Ain Sukhna or Ras Sidr. the company is currently choosing plot of land that matches the target project, with the expansion in North Coast in the future, to diversify the company’s investment portfolio and meet demands of customers, according to Rafla.
“AGEC owns a plot of land in Fifth Settlement, New Cairo with an area of 5,000 sqm, as well as it owns 1,000 feddans in Beni Suef Governorate,” he disclosed. “ Furthermore, the company plans to be an agricultural residential resort that includes residential units and agricultural products to be an investment and recreation opportunity for customers. The resort is located near New Administrative Capital. The company’s total investments in local market amounted to EGP 2.5bn, which includes various investments. these projects are being developed by self-financing.
The company seeks, through all these investments, to provide a distinctive real estate product to target customer, by completing necessary market studies for any project.
He stressed that investment in the New Administrative Capital is part of the company’s future plan, as it is one of the promising national projects implemented by the state as one of the fourth generation smart sustainable cities.
He expected that real estate market will witness price increases of about 15% in the current year as a result of hikes in prices of building materials besides the appreciation of dollar against the Egyptian pound. Consequently, real estate companies seek to provide solutions to support customers purchasing power. Accordingly, the company will bear part of this increase with customer in order to maintain the interest of customer and company in order to maintain sales.