Egypt: Inertia Holding Group, a leading real estate developer in Egypt, has announced that it is focusing on accelerating construction rates in its existing projects as a key priority during the current period. The company has developed a strong investment plan for the current year to achieve the specified deliverables plan. The company aims to deliver 650 units in its projects within 2023, including 300 units in the Jefaira project.
Ahmed El Adawy, the CEO of Inertia Holding Group, said that the Jefaira project is the company’s largest project with a total area of 5.4 million sqm. The project comprises various units, including separate villas, twin houses, townhouses, chalets, apartments, and studios with various spaces. The project also offers a large number of services that ensure an integrated life for the clients within the project.
El Adawy pointed out that the company obtained ministerial approval for Jefaira development after finalizing contracts for the Jefaira project with the New Urban Communities Authority (NUCA). This comes after the transfer of the jurisdiction over the North Coast lands from Marsa Matrouh Governorate to NUCA.
He added that the project includes three hotels with approximately 400 keys, in addition to serviced apartments.
El Adawy stated: “We aim to start operating the first hotel within the project during the summer of 2025. Furthermore, Inertia has contracted with Darko Construction Company and Modern Interiors to carry out new construction works in Jefaira development with a total value of approximately EGP 450m. Darko Construction Company, according to the contract, will construct 76 buildings with a total of 189 units, and the contract with Modern Interiors Company also includes the construction of 135 buildings with a total of 299 units. These contracts come in light of Inertia’s interest in accelerating constructions to deliver units on time following standards and requirements that maintain the highest quality.”
Inertia is establishing a medical unit in Jefaira until the hospital is established within the project, El Adawy said. He explained that the company has submitted a request to obtain approvals to begin constructing a hospital per the ministerial approval for the project.
He disclosed: “We succeeded in selling around 5,000 units in our total projects, and the rest of the units are currently being completed. Moreover, we aim to launch an integrated life for customers in our projects based on luxury and quality of life.”
El Adawy elaborated that the company’s total project portfolio includes eight projects, with the completion and delivery of four projects varying between residential and commercial properties in Cairo and the Red Sea.
Inertia has completed the delivery of the Soleya project in the west Cairo region, which is an integrated residential project built on 19 feddan. The project comprises residential apartments, townhouses, twin houses, and separate villas, with a total of 172 units and only 22% built-up area.
El Adawy said: “The company has delivered the first and second phases of the Joulz project, which is an integrated residential project located on the Cairo-Alexandria Desert Road. The project spans over 115 feddan and encompasses 1,152 residential units ranging between residential apartments, townhouses, twin houses, and separate villas with various spaces.”
The G Cribs resort’s phases I & II in El Gouna have also been fully delivered. It is an integrated residential project in the Red Sea located on an area of 42,000 sqm, comprising 330 units with various spaces varied between studios and residential apartments offering its residents a life full of simplicity and luxury.
Additionally, Inertia is developing the Brix project, an integrated residential project that includes 194 units on an area of 44,000 sqm with 25% built-up area. The project includes units with different spaces starting from 82 sqm up to 275 sqm for apartments.
Inertia has announced the completion and delivery of several projects across the country. The company has handed over 183 units in Veranda, a luxury resort in the Sahl Hasheesh area, as well as 29 clinics in Medipoint Sheikh Zayed, a medical commercial project spanning 3,000 sqm. In addition, Inertia has finished the construction of West Hills, an integrated residential project that offers 98 units of apartments and duplexes on a 32,000 sqm land plot.
El Adawy said that Inertia has achieved strong sales to foreign buyers, especially from the Gulf region, who accounted for about 13% of the total sales. He attributed this to the competitive advantage of the Egyptian real estate market, which offers low prices compared to international markets, as well as the availability of services and facilities in the new cities developed by the state, such as New Alamein.
El Adawy also revealed that Inertia is participating in the Cityscape Egypt 2023 exhibition, one of the most prominent events in the real estate sector. During the exhibition, the company is showcasing its flagship project Jefaira, a coastal town on the North Coast that covers 5.5 million sqm. The company is offering attractive payment plans for Jefaira units, with installments of up to nine years.
Source: Zawya