The company operates in residential real estate development, including urban renewal, as well as income-producing real estate.
ISA enters 2026 with projects that are genuinely moving and with a better funding envelope, but its flexibility still relies on banks, public debt, project-company dividends and meeting financing milestones.
ISA's Bond A improves debt duration and buys time, but it does not on its own erase the gap between debt-market access and genuine working-capital flexibility.
At a group level ISA looks stronger, but parent-level cash is still tighter than the headline equity number suggests. That is why project-company dividends matter: they move cash upward without adding another layer of debt.
Bialik is ISA's 2026 test because it was already the group's heaviest execution project in 2025, while the March 2026 financing amendment turned its next step into a hard sequence of pre-sales, final permits, and staged bank openings.
