Hometown Developments signs agreement with Savills Egypt to manage 4 projects in New Capital
Egypt - Hometown Developments has entered into a strategic partnership with Savills Egypt to provide comprehensive management and operational consultancy for four of its flagship commercial projects in the New Administrative Capital.
The agreement was officially signed by Diaa El-Din Farag, Chairperson of Hometown for Real Estate Development, and Catesby Langer-Paget, Head of Savills Egypt, during a press conference held at one of Hometown's developments in the New Capital.
According to Farag, the agreement covers the Zaha Park, La Fayette, La Fayette Village, and Udora projects — developments he described as among the most prominent commercial brands in the New Administrative Capital. He emphasized that the collaboration reflects Hometown's commitment to preserving clients' investments and trust by ensuring a high return through professional and sustainable operations.
'This partnership reflects our dedication to protecting the long-term value of our clients' real estate assets,' Farag said. 'It supports our vision of delivering projects that not only meet market expectations but also enhance the overall investment landscape of the New Capital.'
Farag elaborated on the significance of each project. The La Fayette development, for instance, is a large-scale commercial and entertainment complex covering 43,000 square meters. It is located in a prime downtown position opposite Al Masa Hotel, at Plot No. 1, near the central monorail station. The building consists of a ground floor, five upper floors, and two basement levels.
Udora, another key project included in the agreement, is also located near Al Masa Hotel and just minutes from the central station and the financial and governmental district. Designed as a shopping and entertainment destination, the project has achieved significant construction progress, with completion rates reaching up to 95 percent.
The Zaha Park project is situated in the MU23 district of the New Capital, directly along Al Amal Axis between residential neighborhoods R2 and R3. It is expected to be the first commercial development delivered in the area. The ten-story structure is designed to serve approximately 25,000 residential units. Infrastructure work, including electromechanical systems, has already been completed.
Meanwhile, La Fayette Village is being positioned as a downtown entertainment destination. Construction on this project is also advancing rapidly, reflecting Hometown's commitment to timely delivery and high-quality execution.
Farag noted that the collaboration with Savills represents a broader shift in the Egyptian real estate sector toward adopting modern, professional operational frameworks that support project sustainability and long-term investment performance. He added that such strategic partnerships contribute to enhancing the New Capital's standing as a premier regional destination for commercial and investment activity.
Catesby Langer-Paget echoed this sentiment, highlighting that Savills Egypt will implement a comprehensive operational strategy tailored to each development. 'Through this agreement, we aim to strengthen the performance and customer experience of all four projects by incorporating international best practices and aligning with Hometown's vision for sustainable operations,' he said.
Under the terms of the agreement, Savills Egypt will provide end-to-end consulting services. These will include operational planning, asset readiness assessments, and the development of leasing strategies. The scope will also cover recommendations on tenant mix, occupancy targets, tenant incentives, and detailed financial modeling that outlines projected revenues, operational costs, and long-term expense plans.
This partnership marks a significant milestone for both companies and sets a precedent for how large-scale developments in Egypt can be managed for optimal long-term success.
© 2024 Daily News Egypt. Provided by SyndiGate Media Inc. (Syndigate.info).
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Khaleej Times
5 hours ago
- Khaleej Times
Kuwait Real Estate and IFA sign Dh198 million agreement with Darwish Engineering
Kuwait Real Estate Company, in collaboration with its subsidiary IFA Hotels and Resorts, has announced the signing of a contract with Darwish Engineering, one of the leading construction companies in the UAE, to develop the infrastructure works for its residential project 'Al Tay Hills' in Sharjah, with a total value of Dh198 million. The contract was signed through Qaryat Al Nakheel Real Estate, the executive arm of the project and a subsidiary of Kuwait Real Estate. The scope of work includes the design and implementation of core infrastructure, such as the construction of sewage networks, a wastewater treatment plant, two water pumping stations, in addition to road networks, stormwater drainage, and networks for electricity, telecommunications, and water. On this occasion, Khaled Esbaitah, Chairman of IFA Hotels and Resorts, stated: 'Our agreement with Darwish Engineering, a company with a strong track record in the construction sector, marks a significant milestone in our vision to develop integrated urban projects that elevate standards of quality and innovation in the real estate market.' He added: 'We are confident that this collaboration will bring a qualitative leap in the development of Al Tay Hills' infrastructure, enhancing its investment appeal and establishing it as a modern urban destination. We see this partnership as a pivotal step towards achieving our vision of building smart and sustainable residential communities.' Bahaa Al-Nahwi, General Manager of Darwish Engineering, emphasized that the contract to implement the infrastructure works for the 'Al Tay Hills' project represents a new strategic milestone that reflects their firm commitment to delivering integrated engineering solutions that elevate the standard of urban development projects in Sharjah. He noted that the company will mobilize all its expertise and technical resources to deliver this vital project according to the approved timeline and in alignment with the highest technical and engineering standards. Al Tay Hills is considered one of the largest residential projects in Sharjah, spanning over 6 million square feet and comprising 1,100 residential units, including villas and townhouses. It boasts a strategic location on Emirates Road and features the longest green river in the region, stretching 2.5 km. The first phase is expected to be delivered in Q1 2028. Since its launch, Al Tay Hills has recorded remarkable success, demonstrated by high investor and buyer interest, reflecting its prestigious position as one of the most prominent residential destinations in Sharjah. The increasing demand for luxury units that combine modern design with a prime location underscores the project's value. These results affirm the project's capability to meet the needs of customers seeking to invest in a comprehensive residential community offering a promising future vision.
Khaleej Times
5 hours ago
- Khaleej Times
Dubai is taking a leadership role in real estate tokenisation
Dubai is taking a leadership role in the Middle East in real estate tokenisation that, according to Dubai Land Department, will reach to a market value of Dh60 billion ($1 billion), while the global real estate tokenization market is expected to reach $18.9 trillion by 2033. Nisus Finance Investment Consultancy FZCO (NiFCO Dubai) said, it has signed a Memorandum of Understanding (MoU) with Xchain Technologies FZCO (Toyow), a leading blockchain-based forensic and advisory firm, for the tokenisation of funds and assets worth up to $500 million (Dh1.83 billion), as the market shifts towards Web3 technology. Nisus Finance plans to conduct a Security Token Offering (STO) of its real estate assets under management (AUM) through Toyow's marketplace. Toyow will provide end-to-end technical support, including smart contract development, blockchain integration, and regulatory alignment. The news comes a few days after Dubai Land Department (DLD) launched the region's first tokenised real estate investment project through the 'Prypco Mint' platform. The initiative is being implemented in partnership with Prypco. These are in line with the UAE's futuristic national vision focusing on technology and innovation. The news comes a few days after the DLD launched the region's first tokenised real estate investment project in collaboration with the Virtual Assets Regulatory Authority (VARA), the Central Bank of the UAE, and the Dubai Future Foundation (DFF). With DLD projecting tokenised real estate transactions to reach Dh60 billion by 2033 — or 7 per cent of the total market — Dubai is clearly positioning itself as a global hub for asset tokenisation. 'This MoU will help us develop real estate funds on the Web3 blockchain technology platform – that is set to revolutionise investment in real estate in the future,' Amit Goenka, Chairman and Managing Director of Nisus Finance Group (NiFCO), said. 'This would be our first such venture and depending on how the market responds, will usher in a new era in the UAE's high-growth real estate market. 'STO on a Web3 platform is secure, transparent and set to drive future real estate investment. Property developers are already introducing cryptocurrency and tokenisation as new channels of payment and raising funds. We are taking it a step forward by creating funds to accelerate the growth of the real estate market.' Tokenised private real estate funds are projected to grow to $1 trillion by 2035, with a total market penetration rate of 8.5 per cent. The tokenised ownership of loans and securitisations could grow to $2.39 trillion by 2035, with a total market penetration rate of 0.55 per cent, according to a report by the global business advisory firm Deloitte. As per the MoU, Xchain Technologies FZCO will tokenise Nisus Finance's Real Estate Assets Under Management (AUM) worth up to $500 million (Dh1.83 billion) as security tokens on Toyow, a global multi-category tokenised Real World Assets (RWA) marketplace. Toyow will leverage its platform to provide technical and operational support, including regulatory compliance across the UAE, DIFC, and international jurisdictions. Investors holding the Toyow Token will be able to invest in this fund using Toyow Token ($TTN). 'The tokenised real-world assets market (excluding stable coins) reached $15.2 billion by December 2024. This growth is fueled by a supportive regulatory landscape, technological advancements, and increased investment from financial institutions,' according to reports. The growth in real estate tokenisation is driven by several factors, including: increased institutional Interest; clear regulatory support; technological maturation; investment opportunities as tokenisation allows for fractional ownership and access to real estate for a wider range of investors, including those with lower investment capital. Surajit Chanda, Co-founder, Toyow, says, 'Partnering with Nisus Finance on an STO of this scale underscores the growing maturity of real-world asset tokenization in the region. At Toyow, our mission is to unlock liquidity and access for high-quality assets by offering a secure, compliant, and scalable infrastructure. This collaboration reinforces our belief that institutional-grade tokenization is no longer a concept—it's here, it's accelerating, and it's changing how capital flows into real estate.' Toyow will also manage investor onboarding and KYC/AML compliance, provide secure wallet and custody infrastructure, and enable both primary issuance and secondary trading of the tokenised assets—all within a seamless, compliant ecosystem designed for institutional-grade scalability. Toyow is redefining access to real-world assets by enabling the tokenisation of categories like real estate, art, precious metals, alternative investments, and more, on-chain. Built for institutional-grade compliance and scalability, Toyow enables asset owners to digitise, fractionalise and monetise high-value assets, while offering investors secure, transparent access to global investment opportunities through a liquid, blockchain-powered marketplace. The partnership is part of Toyow's growing tokenisation pipeline valued at over $38 billion across multiple asset classes and jurisdictions globally. As per the MoU, Toyow will list the tokenised real estate assets on its marketplace for primary and secondary trading, while managing liquidity mechanisms for the secondary trading of security tokens. In addition to these, Toyow will also oversee marketing, investor outreach, and awareness campaigns for the STO, in addition to providing a secure wallet infrastructure and custody solutions for tokenised assets. It will also handle all aspects of investor onboarding and operational execution for the STO, including customer support and transaction management. Disruptive technologies, such as asset tokenisation, are poised to transform real estate over the next few years. Built on blockchain technology, tokenisation converts physical or financial assets into fractional, digital representations that can be securely owned and traded online. 'Tokenised real estate could not only pave the way for new markets and products, but also give real estate organisations an opportunity to overcome challenges related to operational inefficiency, high administrative costs charged to investors, and limited retail participation,' according to a report by Deloitte. Tokenisation allows capital generation across the capital stack- including debt, equity, and hybrid funding on a single platform. Over the last eight years, since the first tokenised real estate deals were completed, tokenisation has helped open potential new avenues for real estate investment through fractional ownership, the report says. 'This technology could help build trillions of dollars of economic activity for the real estate sector over the next decade, in part, by allowing it to expand its investor base and product offerings. The Deloitte Center for Financial Services predicts that $4 trillion of real estate will be tokenised by 2035, increasing from less than $0.3 trillion in 2024, with a CAGR of 27 per cent,' it said.
Zawya
5 hours ago
- Zawya
Engaging Startups and Innovation at the Islamic Development Bank (IsDB) Group 2025 Annual Meetings in Algeria
The Islamic Development Bank (IsDB) Group's 2025 Annual Meetings ( reaffirmed the strategic importance of startups and youth-led innovation in driving inclusive and sustainable development. Through a series of high-impact engagements, The Islamic Development Bank Group emphasized how entrepreneurial ecosystems can address pressing global challenges while unlocking new pathways for economic transformation. 3rd IsDB Startups Innovation Pitch Competition: Catalyzing Change through Innovate Entrepreneurship Held from May 18 to 21, 2025, under the theme 'Diversifying Economies, Enriching Lives,' the 3rd IsDB Startups Innovation Pitch Competition provided a dynamic platform for emerging entrepreneurs to present innovative solutions in key sectors such as digital transformation, climate resilience, and the creative economy. The competition was preceded by a multi-day bootcamp that equipped participants with essential skills and mentorship. Notably, the event featured a strategic Innovation Lab Partnership with the Ministry of Knowledge Economy, Startups and Microenterprises in Algeria, and Algeria Venture, highlighting strong local engagement and institutional support for entrepreneurship. Innovate startups showcased their solutions to a global audience, fostering connections with investors, development partners, and policymakers. The pitch sessions not only elevated the visibility of promising ventures but also underscored the role of innovation in enhancing socio-economic resilience across IsDB member countries. Private Sector Forum: Investing in Innovation and Employment Alongside the pitch competition, the Private Sector Forum (PSF) convened key CEO's Governors stakeholders to discuss mechanisms for mobilizing private capital toward sustainable development. A central highlight was the launch of the next phase of the IsDB Group Private Sector Investment Lab, which aims to expand its membership base and scale up job creation efforts through enhanced private sectors collaboration. This initiative reflects the IsDB Group's continued commitment to bridging the financing gap for startups and SMEs while catalyzing impactful investment in high-potential sectors. Outlook: Key Focus Areas Emerging from the 2025 Annual Meetings Building on the insights and momentum from the Algeria-hosted Annual Meetings, the following areas are anticipated to shape the Bank's future direction: Startup Growth and Innovation: Continued emphasis on youth entrepreneurship as a driver of transformation, with increased support for startup ecosystems through incubation, mentorship, and financing platforms. Private Sector Engagement: A reinforced focus on enabling business environments through regulatory reforms, investment facilitation, and strategic partnerships. Climate Action and Sustainable Development: Highlighting startups advancing green technologies, clean energy, and climate-resilient solutions as vital contributors to achieving the Sustainable Development Goals (SDGs). For more information and ongoing updates on the IsDB Group's innovation and entrepreneurship programs, please visit the official websites of the: IsDB Group Annual Meetings (AM) Private Sector Forum (PSF 2025) Distributed by APO Group on behalf of Islamic Development Bank Group (IsDB Group).
