Egypt’s Ashgar City, a gated residential compound located in 6th of October City, will start handing out units from the first phase of the development in the second quarter of the current fiscal year, a report said.

A third phase will also be launched soon in 2015, consisting of apartments that range from 80 sq m to 260 sq m, Tarek Bahaa, sales and marketing director of developer IGI Real Estate was quoted as saying in the Daily News Egypt report.

Investments for Ashgar City will be about EGP3 billion ($392 million), Bahaa said.

IGI plans to add new phases to Ashgar City and Ashgar Heights, a residential project also located in 6th of October City, in 2015, he added.

Ashgar City, which covers an area of 148 acres, is likely to have a total of 4,300 apartments, the report said. The project is to be developed over four phases, two of which have already been launched and completely sold, Bahaa was quoted as saying.

Meanwhile, investment in Ashgar Heights, will be approximately EGP700 million ($91.3 million), he said.

Ashgar Heights extends over a space of 38 acres and consists of two phases and is expected to comprise a total of 500 units including villas, town houses and apartments. 

The first phase of the project is to be available to buyers in the first quarter of 2015, while the second phase - with apartments ranging from 150 sq m to 250 sq m - will also be launched soon in 2015.

Prices for apartments in Ashgar City will vary from EGP400,000 to EGP700,000 (($52,000 to $91,000), while the rates for Ashgar Heights will be from approximately EGP900,000 to EGP2 million (($117,500 to $261,000).