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Inertia eyes EGP 1bn in real estate sales during 4Q 2020 - Daily News Egypt

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Inertia eyes EGP 1bn in real estate sales during 4Q 2020

Company has invested EGP 71bn in property projects in Greater Cairo, Red Sea, and North Coast

Inertia Egypt announced, on Tuesday, that it has invested a total of EGP 71bn in Egypt’s real estate market through its eight projects that are spread out across the country.

Inertia’s projects are located in Greater Cairo, focusing particularly on Sheikh Zayed City and its new extension, the North Coast, and the Red Sea areas.

The real estate developer’s CEO Ahmed El Adawy said the company aims to record EGP 1bn in sales during the fourth quarter (Q4) of 2020, through the sale of 300 housing units in its various projects.

El Adawy added that Inertia Egypt’s land bank exceeds 6.3m sqm, with the company studying the acquisition of other plots of land for development purposes.

There are a total of 5,000 residential and commercial units of varying sizes in the company’s eight projects, with nearly 74% of these sold, he noted.

He added that Inertia Egypt also owns a huge portfolio of lands in the areas in which it operates. This includes the Brix project, built on 44,000 sqm of land on the Cairo-Alexandria Desert Road, with the company set to deliver the project’s first phase in 2021.

The company’s Joulz project, which is situated on ​​483,000 sqm in the same area, will also be delivered at the same time.

“The company has delivered the first phase of the ​​17,500 sqm G Cribs project in El Gouna, in the Red Sea Governorate, with its second phase, which spans over ​​25,000 sqm, to be delivered during 2021,” El Adawy said, “The first phase of the 130,000 sqm Veranda project in Sahl Hasheesh, Red Sea Governorate, has already been handed over and the second phase, Diwa, will be delivered in 2023.”

The company’s largest project, Jefaira North Coast project, is situated on ​​5.5 million sqm, with its first phase to be delivered in 2021. Spanning over 81,593 sqm, the Soleya project was delivered in 2019, in addition to the delivery of the West Hills project on an area of ​​32,000 sqm. Moreover, the company has delivered its only commercial project in Sheikh Zayed, the 3,000 sqm Medipoint.

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