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Egypt's IGI Developments expects to spend one billion Egyptian pounds ($32 million) on construction works in 2023, the company's managing director said.
Sherif Mostafa told Zawya Projects that the company delivered 1,000 units in 2022 and intends double that in 2023.
He said IGI Developments is working with several contractors on its projects, including IBS for certain phases of the Ashgar City project; LMS, a Landmark Sabbour group company, for Ashgar District's 'Jada' phase launched last year; GDG, which is building the infrastructure for the Jada phase and the Ashjar Heights project, and Masar, which is implementing landscape work for all IGI Developments' projects.
Mostafa said the company recently launched new apartment units in the Ashgar Heights project, ranging from 50 square metres (sqm) to 200 sqm.
Asghar City and Ashjar Heights are both located in Sixth of October City.
He said the developer's design, engineering consultancy, and project management contractors for its residential projects include Pinnacle-TBH, OKOPLAN, EHAF, and Al-Amar. For non-residential projects, it is currently working with EMDAD and Distance.
New launches
The company's portfolio of non-residential projects represents a 350,000 sqm of land area, noted Mostafa.
He said they are planning to launch four commercial projects in the Sixth of October City; a school project spread over an area of 15,000 sqm; a mixed-use project spanning 50,000 sqm on Al Wahat Road at an investment of EGP10 billion ($323 million), and a commercial project on the Dahshur link from Al-Wahat Road at an investment of EGP 2.5 billion ($81 million).
He said the company would soon appoint consultants specialised in sustainable construction and green architecture for a 540-acre mixed-use project under design in the New Sphinx City.
He continued: "The emphasis will be on energy savings through energy-efficient lighting, ventilation, air conditioning systems, sunshades on building facades and using solar power for electricity generation. Effective use of building materials will also be considered to reduce waste and emissions harmful to the environment."
Mustafa said the company is also studying the possibility of implementing a wastewater treatment plant to recycle and reuse treated wastewater to irrigate green spaces, deploy water-efficient irrigation systems, grow drought-tolerant plants to save irrigation water, collect and reuse rainwater in irrigation and reuse agricultural residues as fertilisers in green spaces.
He said the mixed-use project in New Sphinx City, comprising residential, retail, and educational components, would be launched by mid-2024 and completed in three phases.
He disclosed that they are also studying projects on the North Coast spread over an area ranging between 40 to 80 acres.
(1 US Dollar = 30.95 Egyptian Pounds)
(Reporting by Eman Hamed; Editing by Anoop Menon)
