Cairo – Mubasher: Inertia Egypt is planning to generate EGP 5.5 billion from sales of Jefaira North Coast project by the end of 2019, managing director, Ahmed El-Adawy, stated on Tuesday in a press conference.
Since the beginning of the year, Inertia achieved EGP 4.5 billion in sales from Jefaira, El-Adawy added.
The top official noted that his company’s investment in the first and second phases of the project amounted to a range between EGP 2 billion and EGP 2.25 billion.
The first phase was sold completely, while around 9% of the second phased was sold, El-Adawy revealed. El-Adawy said that the first phase of the project is slated for delivery in 2021.
Situated on 5.4 million square metres, Jefaira North Coast is planned to comprise 12,000 units.
Inertia Egypt signed a deal to obtain a loan worth EGP 575 million from Banque Du Caire.
