Latest news with #DiaaElDinFarag
Zawya
3 days ago
- Business
- Zawya
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. (
Zawya
4 days ago
- Business
- Zawya
Agreement between Hometown for Development and Savills Egypt to provide management and operational consulting
As part of its preparations to launch and operate its pioneering commercial projects in the New Administrative Capital, Hometown for Real Estate Development has signed a contract with Savills Egypt to provide management and operational consulting across these projects. This step aims to ensure the highest standards of operational efficiency and quality and enhance the customer experience in these developments. The agreement was signed by Mr. Diaa El-Din Farag, Chairman of Hometown for Real Estate Development, and Catesby Langer-Paget, Head of Savills Egypt. The signing took place during a press conference organized by the company at one of its projects in the New Administrative Capital, in the presence of several executives from both companies and a number of journalists and media professionals. Mr. Diaa El-Din Farag confirmed that choosing Savills Egypt, one of the leading global companies in real estate consulting, reflects Hometown's commitment to providing the highest standards of quality in operations and management for its clients. He explained that the agreement covers four projects: Zaha Park, La Fayette, La Fayette Village, and Udora. He added: "This collaboration highlights Hometown's commitment to preserving its clients' investments and trust, ensuring the highest return on investment through professional operations that reflect the identity of the company's distinguished projects. It will also enhance the investment value of these developments as real estate assets that represent wealth to be preserved for clients, the company, and the real estate market." Farag noted that the four projects for which Savills Egypt will provide advisory services are among the most prominent commercial brands in the New Administrative Capital. They represent a new generation of commercial developments requiring an innovative operational strategy, which Savills Egypt will provide. He also pointed out that the next phase will focus heavily on implementing smart operating systems and applying international standards in facility and service management to offer an integrated experience for tenants and visitors while maximizing investment returns for owners and investors. He added that the 'La Fayette' project is a commercial and entertainment development covering 43,000 square meters, located in a prime downtown area directly opposite Al Masa Hotel, specifically at Plot No. 1 in downtown next to the monorail central station. The project consists of a ground floor and five upper floors, in addition to two basement levels. The 'Udora' project is strategically located in a vital area in the heart of the New Administrative Capital, directly opposite Al Masa Hotel and just two minutes from key landmarks such as the central station and the financial and governmental district. This makes it an ideal destination for shopping and entertainment. The company has achieved high completion rates for construction on these projects, reaching up to 95% in some. As for the ZAHA PARK project, it is located in the MU23 area of the New Administrative Capital directly on Al Amal Axis between residential neighborhoods R2 and R3. It will be the first commercial project to be delivered in that area and consists of 10 floors. The project will serve nearly 25,000 residential units, and the electromechanical infrastructure for the project has been completed. The La Fayette Village project is positioned as an entertainment destination in the heart of downtown, and the company has made strong construction progress on it. Diaa El-Din Farag emphasized that this collaboration sets a new model reflecting the direction of real estate development companies in Egypt toward adopting professional and advanced operating methods that ensure project sustainability and optimal investment returns. This enhances the New Administrative Capital's position as a prime investment and commercial destination in the region. Catesby Langer-Paget, Head of Savills Egypt, stated: 'We are pleased to collaborate with one of the key players shaping the real estate and commercial markets in the New Administrative Capital. Through this agreement, we aim to support the operational strategy and customer experience in the four projects through a comprehensive approach, incorporating modern practices aligned with Hometown's vision of effective and sustainable project operation, which supports the goals and vision of the New Administrative Capital.' He pointed out that, according to the signed agreement, Savills Egypt's responsibilities include providing integrated consulting to prepare assets from an operational perspective, setting management and operational strategies, developing a comprehensive leasing strategy that includes tenant mix, occupancy rates, tenant incentives, and detailed financial models covering expected revenues, operational costs, and expense plans. Additionally, Savills will offer innovative insights for revenue generation from common areas (commercialization), prepare operational models, and establish plans for security, cleaning, waste management, parking management, and more. It will also review contracts and lease/sale clauses to ensure long-term protection of the owner's interests. Langer-Paget highlighted that Savills is recognized globally for its expertise in management and operational consulting, with an extensive track record both within Egypt and internationally. Founded in 1855 in the United Kingdom, Savills is a global leader in real estate consultancy, with over 700 offices in more than 70 countries. Its service offering includes asset management, real estate advisory, valuation, leasing, marketing, and property management. Savills began its journey in Egypt several years ago, offering operational, management, strategic consultancy, building & project management, valuations, facility management and marketing for some of the most prominent real estate projects. It is renowned for its advanced expertise in managing and operating mixed-use real estate developments.
