The IVY Residence project in Shorouk City was recently launched by AGEC Developments, an Egyptian developer company. The project, which according to Ayman Rafla, Chairperson of AGEC, consists of 320 apartments and 70 villas of various sizes, is estimated at a cost of EGP 800 million.
Rafla went on to say that the entire project is expected to be completed in three years, with the delivery of buildings and villas beginning in 15 months, and that a comparison of project management firms is being conducted to determine which firm will be in charge of the project.
He disclosed that a contract between the company and the Suez Canal Bank was signed to finance IVY Residence project clients, with the bank providing mortgage financing as part of the company’s plan to provide financing to customers, in addition to the state’s plan to close the gap between selling prices and the purchasing power of clients.
According to the AGEC chairperson, the IVY Residence compound was designed by two consulting firms: Yasser Al Beltagy Architects (YBA) established the project’s master plan, while the GPS office devised the project’s interior design.
AGEC Developments expansion ambitions
A tourism project in Ain Sokhna or Ras Sidr is under planning by the company. According to Rafla, the firm is currently choosing a parcel of land that corresponds to the goal of the project with the intention of expanding to the North Coast in the future to diversify its investment portfolio and satisfy customer demands.
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He revealed that AGEC has a 5,000-square-meter piece of land in Fifth Settlement, New Cairo, as well as 1,000 feddan in the Beni Suef governorate. He added that the company intends to operate as an agricultural residential resort, including residential units and agricultural commodities, as an investment and recreational opportunity for consumers.
The resort is situated adjacent to the New Administrative Capital. The company’s entire investments in the Egyptian market were EGP 2.5 billion, including a variety of projects.
