Total investments for the Ashgar City project will be approximately EGP 3bn, with Ashgar Heights investments will be approximately EGP 700m according to Tarek Bahaa, IGI Real Estate’s Sales & Marketing Director.
IGI is set to expand its existing projects in 2015, with the company planning to add new phases to Ashgar City and Ashgar Heights this year.
Ashgar City is a gated residential compound located in 6th of October City, covering an area of 148 acres, and is expected to reach a total of 4,300 apartments.
The Ashgar City project is to be developed over four phases, two of which have already been launched and completely sold, Bahaa said.
Regarding the delivery of the sold units, Bahaa indicated that the first phase’s units will be handed to buyers in the second quarter (Q2) of the current fiscal year.
He added that a third phase will further be launched soon in 2015, consisting of apartments that range from 80m2 to 260m2.
The other project, Ashgar Heights, is also located in 6th of October City, and extends over a space of 38 acres. The project consists of two phases and is expected to make a total of 500 units that include villas, town houses and apartments.
The first phase of the project is to be available to buyers in Q1 of 2015.
The second phase of the project will also be launched soon in 2015, where apartments of the new phase will range from 150m2 to 250m2.
Prices for apartments in Ashgar City will vary from EGP 400,000 to EGP 700,000, whereby the rates for Ashgar Heights will be from approximately EGP 900,000 to EGP2m.
Clients will be offered different payment methods to choose from and they can pay instalments that will last over six years.
According to Bahaa, the phases to be implemented in 2015 are expected to be delivered to clients within two-three years, with both projects set to be entirely completed within three years.
Both projects will have a commercial area, a Mosque and a club whereby Ashgar City will provide healthcare facilities and schools in the area.
IGI Real Estate is a wholly-owned subsidiary of the International Group for Investment (IGI). The company has been able to deliver exclusive residential compounds in Egypt for the last 20 years. Other projects that were introduced by the company were Gardenia Park, Gardenia Springs and Hay Alashgar.