IGI Real Estate has awarded an EGP 60 mn contract for LMS Construction to carry out building work of phase I of the latter Egyptian developer’s integrated urban development in west Cairo, called “Ashgar City,” Invest-Gate reports.

The deal, which was inked in the presence of IGI Real Estate Chairman Khaled Sheta, IGI Real Estate Vice-Chairman Nagy Mokhtar, LMS Construction COO/Board Member Amr El Kayal, among other dignitaries, aims to bestow Ashgar City’s clients with efficient and high-quality finishing, thanks to LMS Construction’s well-established portfolio in the building field, according to the company’s recent press release.

On the sidelines of the signing, IGI Real Estate announced the launch of the last phase of Ashgar City, or “Ashghar Residence,” which will be distinguished with its modern architectural designs, according to Sherif Mostafa, the company’s managing director.

Coming amid expectations that the Egyptian real estate market will witness a breakthrough in the coming period, as the Coronavirus crisis unfolds, Ashghar Residence will offer a number of semi-finished residential properties, with areas ranging from 142 to 221 square meters.

Potential homebuyers are provided with various flexible payment options when acquiring units at the latest phase of Ashghar City, including installment terms of up to eight years, Mostafa further stated.

Extending over 176 acres, Asghar City is nestled in a prime location within 6th of October City, encompassing approximately 3,300 apartments, townhouses, and standalone villas, with an occupancy rate of 80%.

Last July, IGI Real Estate had secured a loan facility from the National Bank of Egypt (NBE) to finance the construction of Asghar City, thereby accelerating the building of the compound’s service components, on top of finalizing the remaining phases, with respect to the set timeframes and high-quality execution metrics, according to a previous statement.