Inertia signs construction contracts worth EGP 2 BN for its projects in 2022… and plans to deliver 1,600 units throughout the year
Eng. Ahmed El-Adawy:
We have a strong delivery plan for the current year
We aim at achieving EGP 4BN worth of contracted sales in 2022
We are planning on delivering 600 units in our mega project – “Jefaira” – throughout this year
Our total land bank portfolio is 7 million square meters from which 1.8 million square meters are currently under development
Government support, resilience of real estate companies as well as real demand are the key factors in maintaining the strength of the real estate market
With a strong delivery plan, supported by a strong volume of investments and construction work during the current year, Inertia has announced during a press conference held today the details of its investments and marketing plan for the current year and what was achieved during Q1 & Q2.
Eng. Ahmed El-Adawy, CEO of Inertia, said that the company has a strong plan for the current year, with a strong focus on construction in all its projects. The company is planning on delivering 1,600 units across various projects. 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.
El-Adawy added that the company’s current portfolio includes 8 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, 4 of these projects have been completed and delivered and 4 are currently under construction.
He pointed out that the company’s construction plan for the current year includes the implementation of construction contracts worth EGP 2BN, and the implementation rates of the company’s projects are according to the specific plan, noting that commitment to the rates of implementation and delivery is an essential part of the current year’s plan.
He stressed that the real estate market has faced several challenges since the beginning of this year – which has been affected by global economic changes – 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 strength of the sector.
He added that the company aims to achieve contractual sales worth EGP 4BN in its projects for the current year, and has achieved the desired target of this plan during Q1 & Q2, supported by the presence of real demand and high rates of construction works in its projects, in addition to offering a wide array of unit types with various payment systems for all its projects.
He added the company is currently delivering two projects in West Cairo: Joulz & 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. Soleya consists of 172 units built on area of 19 acres. Its product mix includes apartments, townhouses and stand-alone villas.
The company has 2 projects in the Red Sea; G Cribs in El Gouna, on an area of 17,000 square metres and includes 99 units in its first phase, G Cribs Phase II which includes 231 units on an area of 25,000 square meters and is currently being delivered, 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 square meters.
He added that delivery will also start this year in “Jefaira”, Inertia’s flagship all-year round project. Located on the banks of Egypt’s mesmerizing Mediterranean coast, Jefaira stretches across 5.8 million square meters. The project will include an array of facilities & amenities such as medical facilities, educational facilities, hotels, parks, sports academies, and clubhouses, to name a few.
Currently, the project includes three launched neighbourhoods: The Furl Neighbourhood, The Quayside Neighbourhood, and The Cribs Neighbourhood. The project includes standalone villas, twin houses, townhouses, chalets, apartments and studios. The construction ratio of the project is 20% and the rest is open spaces and leisure facilities, ensuring a distinctive and integrated residential experience for customers within the project.
Eng. Ahmed El-Adawy said that Inertia is one of the first companies which succeeded in acquiring all governmental licenses for Jefaira and that the project fits with the state’s plan to operate the coastal areas throughout the year and not only during the summer season, by providing an integrated life and various services that achieve this goal.
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 square meters.
The company also delivered its the commercial project Medipoint Sheikh Zayed, which includes 29 medical clinics.
He stressed that the company focuses on the implementation of its current projects and raising the rates of construction and delivery, in addition to studying any attractive investment opportunities, the company is sure of their feasibility and adding them to the company’s portfolio of projects, especially with the diversity of investment opportunities available in the real estate market in light of the comprehensive urban development that the state is currently implementing.
He added that the company’s total land bank portfolio amounts to 7 million square meters, from which 1.8 million square meters are under development and 1.5 million square meters are being developed in “Jefaira”.
El-Adawy added that the company signed a cooperation protocol with Banque Misr, granting it a medium-term Islamic financing of EGP 1.1 bln allocated to the construction of Jefaira with facilities extending to 8.5 years. Another financing contract worth EGP 575 MN was signed with Banque du Caire and has been funded and paid in full.
Meanwhile, he praised the importance of the controls recently approved by the cabinet of Ministers to regulate the real estate market, which focus on protecting the interests of customers and developers at the same time, which contributes to regulating the market, which has witnessed remarkable growth during the recent period and achieves a balance in the relationship between all parties, as it maintains the strength of the real estate market which contributes to about 18% of the GDP.
