Egyptian real estate developer Inertia Holding Group has started delivering the units of the first phase of its GCribs development in Gouna, Red Sea, CEO Ahmed El Adawy announced Thursday.
The first phase is with total investments worth 100 million Egyptian pounds ($5.5 million), El Adawy told Amwal Al Ghad.
“GCribs is one of the biggest touristic projects for Inertia; it consists of two phases. We have done marketing the units of the first phase, which encompasses of 100 residential units at various spaces of up to 200 metres, built on a total area of 22,000 square metres.” El Adawy said.
Inertia has already started marketing the units of the second phase, which are built on a total area of 28,000 square metres, with investments worth 170 million pounds, he added.
“We hope to deliver units in the second phase of GCribs development in the next two years,” he said.
GCribs project is located on a total area of around 50,000 square metres in Gouna, in which Inertia purchased from Orascom Hotels and Development (OHD).