Egypt’s real estate developer Inertia signed construction contracts worth EGP 2bn for the development of its projects in 2022, according to the company’s CEO Ahmed Al-Adawy.
Al-Adawy added that the company is planning on delivering 1,600 units across various projects. Moreover, as part of the company’s plan to maintain the confidence of its customers and maintain their satisfaction, 800 units have been delivered across all Inertia projects so far.
He also noted that the company’s current portfolio includes eight developments that span across Cairo, the Red Sea, and the Mediterranean, offering residential properties, a fully integrated town, as well as cutting edge health care and commercial facilities. To date, four of these projects have been completed and delivered and four are currently under construction.
Furthermore, he stressed that the real estate market has faced several challenges since the beginning of this year, but the governmental support and the flexibility of companies in dealing with these changes, in addition to the presence of real demand, were key factors in maintaining the sector’s strength.
Additionally, Al-Adawy noted that the company aims to achieve contractual sales worth EGP 4bn in its projects for the current year and has achieved the target of this plan during the first two quarters.
Moreover, Inertia is currently delivering two projects in West Cairo — Joulz and Soleya. Joulz is located on the Cairo-Alexandria Desert Road and consists of 1,152 residential units containing an array of apartments, townhouses, twin houses, and stand-alone villas. Meanwhile, Soleya consists of 172 units built on an area of 19 feddans. Its product mix includes apartments, townhouses, and standalone villas, he explained.
The company also has two projects in the Red Sea — G Cribs in El-Gouna, which lies on an area of 17,000 sqm and includes 99 units in its first phase and 231 units on an area of 25,000 sqm in its second phase; and Veranda, which includes 183 delivered units in Sahl Hasheesh.
He pointed out that the company will start delivering Brix this year, which is a residential project that includes 194 units and is located on an area of 44,000 sqm.
Delivery will also start this year for the Jefaira Project, which is located on the banks of Egypt’s mesmerising Mediterranean coast on an area of 5.8m sqm.
“The company will start delivering Brix this year, which is a residential project that includes 194 units and is located on an area of 44,000 sqm. Besides, it delivered its commercial project Medipoint Sheikh Zayed, which includes 29 medical clinics,” he disclosed.
“Inertia’s total land bank portfolio amounts to 7m sqm, from which 1.8m sqm are under development and 1.5m sqm are being developed in Jefaira.”
Al-Adawy also explained that the company signed a cooperation protocol with Banque Misr, granting it a medium-term Islamic financing of EGP 1.1bn allocated to the construction of Jefaira, with facilities extending to 8.5 years. He added that another financing contract worth EGP 575m was signed with Banque du Caire and has been funded and fully paid.