Mountain View for Real Estate recorded EGP 4 bn in sales from the first and the second phase of its iCity development in New Cairo, Al Borsa reported.

Prices for units in both phases have ranged from EGP 7,500 to EGP 11,000 per square meter. The company says it has not yet decided on increasing prices for the third phase, but any such increase would be based on price increases for building materials.

The third phase of the project will be offered in the first quarter of 2017, following the high turnout witnessed for the first and second phases of iCity, according to Amr Soliman, the company’s CEO.

The project is being developed by Mountain View in partnership with Saudi Sisban Holding, and is expected to include 18,000 residential units.

Villas within the project have floor plans ranging from 100 to 500 square meters.