In­er­tia Hold­ing earns EGP 4bn in Je­faira North Coast project sales since launch

Com­pany de­vel­op­ing an­other en­ter­prise in Sahl Hasheesh, bay lo­cated in Egypt’s Red Sea coast

The Daily News Egypt - - Business -

In­er­tia Hold­ing Group has achieved EGP 4bn in sales from its Je­faira North Coast project since the project was launched last year,Ahmed El Adawy CEO of In­er­tia Prop­er­ties told Daily News Egypt.

El Adawy said that that the com­pany in­tends to de­liver three neigh­bour­hoods within Je­faira North Coast in 2020, 2021 and 2022.

The project is lo­cated 1,300 fed­dan and we are ex­plor­ing its ex­pan­sion. In ad­di­tion, the project is be­ing com­pletely self­fi­nanced, added the com­pany’s CEO.

El Adawy pointed out that the project stretches over 5.5m sqm, and in­cludes 14 neigh­bour­hoods, com­prised of ed­u­ca­tional, med­i­cal and com­mer­cial ac­tiv­i­ties, and is be­ing de­vel­oped within 20 years.

Je­faira North Coast is lo­cated at Kilo 188 Alexan­dria-Ma­trouh road, be­tween Ghaz­ala Bay and Ras Al Hikma.

“Je­faira North Coast has many dis­tinc­tive ser­vices, the most im­por­tant of which is a 5-star ho­tel, a com­mer­cial mall with res­tau­rants and cafés, a mosque, eight swim­ming pools in the first phase, in­clud­ing a women’s swim­ming pool and a chil­dren’s pool, ar­ti­fi­cial lakes, four sports play­grounds around the vil­lage. Apart­ment sizes range be­tween 105 sqm and 183 sqm,” in­di­cated El Adawy.

He elab­o­rated that the three neigh­bour­hoods’ build­ing per­mis­sions were ac­quired, and the com­pany is de­vel­op­ing the project’s con­struc­tion op­er­a­tions.

Tourism and ed­u­ca­tional ac­tiv­i­ties are un­der de­vel­op­ment, and the project com­prises of 2,500 ser­vice apart­ments through­out the en­tire project, high­lighted the CEO.

“The com­pany has suc­ceeded in mar­ket­ing three res­i­den­tial neigh­bour­hoods with a to­tal of 2,400 units that were fully mar­keted and un­der con­struc­tion,” stated El Adawy.

More­over, he re­vealed that the com­pany is de­vel­op­ing an­other project in Sahl Hasheesh, a bay lo­cated in Egypt’s Red Sea coast, across from Sharm El Sheikh, ap­prox­i­mately 18 km south of Hurghada In­ter­na­tion­alAir­port,on an area of 140,000 sqm. with in­vest­ments of EGP 450m.

The sec­ond phase of the Sahl Hasheesh project is ex­pected to be handed over by 2019, he an­nounced.

In­er­tia Prop­er­ties’ land bank is 7m sqm and is un­der de­vel­op­ment, con­cluded El Adawy.

The project stretches over 5.5m sqm, and in­cludes 14 neigh­bour­hoods

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