Hometown Developments signs agreement with Savills Egypt to manage 4 projects in New Capital

Daily News Egypt

2 days ago

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.