Latest news with #Savills'
Daily News Egypt
26-05-2025
- Business
- Daily News Egypt
Savills Egypt reports EGP 2.76bn in 2024 tenant sales, cites ESG, retail initiatives
Savills Egypt Property Management reported EGP 2.76bn in tenant sales across its managed portfolio for the year 2024, according to its 'Key Highlights: Property Management' report released on 25 May 2025. The company attributed this performance to its strategic focus on tenant experience, operational efficiency, and sustainability-driven asset enhancement. The firm managed nine major mixed-use properties across Egypt, serving nearly 17 million consumers in 2024. The property management team oversaw 738 tenants, facilitated 120 new store openings, and organised 102 events which collectively attracted more than 1.75 million visitors. Additionally, over 13,000 operational service tickets were resolved. Environmental and resource-saving measures were a core component of Savills Egypt's operations in 2024. At one of Savills' managed properties, 83% of waste was recycled, and water consumption was reduced by 16% through the implementation of flow regulators and automated irrigation systems. Despite a 7% increase in occupancy at this property, electricity usage was reduced by 2% via smart programming and systems integration. The adoption of renewable energy also progressed, with 11.4% of the same property's electricity sourced from solar PV panels. Electric vehicle infrastructure was expanded with the installation of 12 charging stations and two e-mobility docking sites for bicycles and scooters. The introduction of a Building Management System (BMS) in chilled water stations led to reported savings of 9.5% in electricity, 21.3% in gas, and 12% in water compared to 2023 figures. Social impact initiatives included annual charity bazaars and booths, alongside community engagement activities such as recycled art workshops and installations. 'This year's achievements are the result of close collaboration with our clients, tenants, and community partners,' said Corina Stamate, Head of Property Management at Savills Egypt. 'We're proud not just of the sales figures or event footfall, but of how we've embedded sustainability, innovation, and experience into every aspect of our operations. Property management today is about creating destinations people want to be part of.' In 2024, Savills Egypt's managed assets introduced several first-to-market retail concepts. These included Africa's first Chuck E-Cheese, Cairo's first indoor padel facility, and the first branches in Egypt of SSS outlet, a Lotus Car concept store, and a Smart Car showroom, among others. The portfolio also saw the opening of the first Carrefour in the New Administrative Capital and hosted flagship openings for Aubaine London, Daily Dose, and Passionelle, alongside the debut of Kamelizer's co-working space in West Cairo. Savills Egypt also focused on turning its properties into active destinations through large-scale events and entertainment. The LA (Lydia Akram) Market drew over 25,000 visitors, while the Lokamania Bazaar attracted more than 20,000 attendees. Entertainment programming included Rodeo Misr and exclusive premieres of 'The Goats' and 'Beyond the Tank' in partnership with Vodafone. These events, coupled with various activations and marketing campaigns, contributed to attracting the 17 million consumers across its managed properties in 2024. Looking ahead, Savills Egypt stated it remains focused on advancing sustainability, elevating tenant experiences, and expanding its management capabilities. Plans for 2025 include the launch of new service lines within the property management business, the expansion of Savills' portfolio, particularly towards East Cairo, and the introduction ofcorporate and demise services.
Gulf Insider
22-05-2025
- Business
- Gulf Insider
Riyadh Office Costs Rise Fastest Globally In Q1 2025 As Demand Surges
Riyadh has emerged as one of the world's ten most expensive markets for prime office space, driven by rapid cost increases and sustained high occupancy, according to Savills' Riyadh Office Market Report for Q1 2025. The Saudi capital saw average prime office rents rise 2.5% quarter-on-quarter and 12% year-on-year. Occupancy rates remained steady at 98%, highlighting the limited availability of high-quality office space and continued business confidence. The growth is largely attributed to activity across sectors such as consulting, IT, legal, and pharmaceuticals. Notably, 50% of transactions in Q1 came from new market entrants, while 70% of enquiries were for units under 1,000 square metres — underscoring a shift toward flexible, efficient workspaces. Riyadh also recorded the fastest increase in global prime office occupancy costs, rising 5.2% in the first quarter. This metric includes rent, service charges, fit-out expenses, and other occupier costs — offering a comprehensive view of leasing expenditures. The city now ranks alongside global commercial hubs such as London, New York, Dubai, and Hong Kong in the Savills Global Prime Office Costs report. 'We're witnessing a pivotal moment for Riyadh,' said Ramzi Darwish, Head of Savills Saudi Arabia. 'With demand outpacing supply and international occupiers expanding, Riyadh is fast becoming a preferred base for global business.' Major companies such as Salesforce, PepsiCo, Kaplan, and APEX established regional headquarters in Riyadh during Q1, bringing the total to over 540 — surpassing Vision 2030 targets ahead of schedule. While new supply in 2025 will be limited, more than 900,000 square metres of Grade A office space is expected to be delivered by the end of 2026, including major projects like Diriyah Gate and Prince Mohammed bin Salman Nonprofit City. With Saudi Arabia's recent credit rating upgrade to A+ by S&P Global and continued investment in infrastructure such as the Riyadh Metro, the city is poised to strengthen its position as a leading commercial hub in the Middle East and beyond.
Hi Dubai
08-05-2025
- Business
- Hi Dubai
Dubai's Office Market Enters New Growth Phase Amid Surging Demand for Prime Spaces: Savills Report
Dubai's office market continues to demonstrate strong fundamentals, with rising demand, increased occupier activity, and a dynamic shift in market behaviour. According to Savills' latest Dubai Office Market in Minutes – Q1 2025, the emirate has entered a new phase of growth, characterised by elevated rental price levels, reduced vacancy, and increasing competition for prime commercial space. Dubai saw average year-on-year office rental price growth of 45% across 22 sub-markets in Q1 2025. Key business districts such as DIFC, Business Bay, Downtown Dubai, and TECOM are performing particularly well, with occupancy rates in DIFC reaching 98%. As a result, well-located, Grade A spaces are increasingly sought after by both regional and international occupiers. In parallel, Dubai recorded a 4.9% rise in net effective occupier costs in Q1 2025, as outlined in Savills' global cost benchmarking report. This metric captures the total cost to occupiers, including base rent, fit-out expenses, and other related costs, offering a more comprehensive view of overall leasing expenditure. The increase places Dubai among the most active and competitive prime office markets globally. The city now ranks 8th globally for total prime office occupancy costs, averaging USD 148.90 per sq ft per annum, a reflection of the emirate's continued appeal as a gateway hub for the Middle East, Africa, and South Asia. This growth reflects confidence in Dubai's long-term positioning. Companies are looking at Dubai not just as a regional base, but as a global node for innovation, finance, and enterprise. The rise in rents and costs mirrors the demand for quality and the limited availability of premium space. said Toby Hall, Head of Commercial Agency at Savills Middle East. Demand continues to be driven by core sectors such as financial services, consulting, and technology & media, which accounted for more than half of Savills' transactions in Q1. Smaller, agile companies are also increasingly active, particularly in sub-markets offering value and accessibility, including Dubai South and Expo City. The Dubai Chamber of Commerce welcomed 70,500 new companies in 2024, marking a 4.6% increase year-on-year and further signaling growing confidence in the business environment. As new entrants look for flexible, well-connected, and high-specification workplaces, many are turning to serviced office operators, who continue to expand into community-centric and mixed-use locations. While the supply of Grade A stock remains tight in established districts, landlords are responding proactively, offering more tailored leasing terms, enhanced amenities, and refurbishment strategies to meet evolving occupier expectations. Some strata landlords in Business Bay, for instance, are now quoting rents comparable to DIFC, underscoring the broader uplift in perceived value across sub-markets. Lease renewals remain a preferred option for many businesses, particularly outside DIFC, where RERA rental protections provide added stability in a rising cost environment. Occupiers are also reviewing how space is used, prioritising functional layouts, optimisation, and long-term adaptability over expansive floorplates or elaborate fit-outs. Looking ahead, new office developments are in the pipeline, although most are already seeing significant pre-commitment levels. This indicates continued market confidence and suggests that competition for high-quality space will remain a key theme through 2025. Dubai's office market is evolving, not tightening. The data shows growing maturity, where rental increases reflect sustained interest, strong business fundamentals, and a shifting view of Dubai as a long-term destination for global enterprise. added Hall. Read the complete findings of the reports here: Dubai Office Market Q1 2025 and Global Occupier Markets: Prime Office Costs – Q1 2025 News Source: Savills Middle East
Arabian Business
05-05-2025
- Business
- Arabian Business
Inside Discovery Dunes – Dubai's newest ultra luxury enclave where plots command up to $50 million
As wealth continues to flow into the United Arab Emirates at an unprecedented rate, Discovery Land Company's first Middle Eastern venture is well underway. Discovery Dunes, the region's first members-only residential community, arrives as the emirate's property market experiences a major investment boom and promises to change the game of luxury living in the region. Spanning across 26.1 million square feet (600 acres) in the prestigious Golf District of Dubai South, the largest single urban masterplan development in the UAE, this low-density haven will accommodate 340 residences. Since its soft launch just months ago, demand has been extraordinarily strong, with the developer reporting a 25 per cent increase in pricing and approximately 60 per cent of the first phase already sold through word-of-mouth alone to an international mix of European, Middle Eastern, and American buyers. This reception comes as little surprise in a market where super-prime properties valued above $25 million saw transactions double last year, with Dubai outperforming traditional luxury capitals like London and New York. According to Savills' 2024 Prime Global Cities Index, Dubai, alongside Sydney, is projected to lead the world in prime property value increases, with expected growth between 4 per cent and 9.9 per cent. The luxury segment has seen a remarkable 47 per cent increase in transactions over AED10 million compared to the same period last year, according to Knight Frank. Dubai has cemented its position as one of the world's most dynamic wealth hubs. Between 2014 and 2024, Dubai recorded an impressive 102 per cent growth in its millionaire population, with the city now home to 81,200 resident millionaires, including 237 centi-millionaires and 20 billionaires. This influx of wealth reinforces the emirate's position as a premier destination for luxury real estate, with developments like Discovery Dunes catering precisely to this demographic's expectations. An era of ultra-exclusive living Discovery Dunes offers ultra-private, low-density living — 340 residences spread across 26.1 million square feet. The development reflects the growing shift towards design-led luxury living as high-net-worth individuals increasingly seek privacy and curated lifestyle experiences rather than just opulent homes. 'As a global destination where UHNWIs seek luxury, innovation, and privacy, Dubai was a natural first choice for Discovery's expansion into the Middle East,' noted Mike Meldman, Discovery Land Company Founder and Chairman. 'Discovery Dunes is unlike anything in the region – our model for amenity-driven environments and family-oriented living has shaped our exclusive communities around the globe. At Discovery Dunes, we honour Dubai's rich culture and scenic landscape while staying true to our standard of providing unforgettable experiences for generations to come.' The ultra-luxury private member development is an intimate haven designed for like-minded families seeking a safe and serene environment to create long-lasting memories. Each Discovery property reflects its natural surroundings — a philosophy clearly evident in Discovery Dunes, where the desert landscape informs every aspect of the development's design and experience. Bespoke residences for the discerning few Discovery Dunes offers a thoughtfully curated selection of land plots, designed to cater to a discerning range of buyers. With a focus on exclusivity and concierge-driven living, it provides an opportunity for those seeking a truly unique experience. The Estate Land Plots, ranging from 36,747 square feet to 73,119 square feet, provide the highest level of personalisation within the community, with expansive golf views and an abundance of private space. Signature Land Plots, ideally located near club amenities, range from 27,878 to 51,681 square feet, offering a perfect balance of privacy, space, and convenience, tailored for families seeking a sophisticated yet streamlined ease of ownership experience. For those seeking a refined level of space, the Lifestyle Land Plots start from 22,317 square feet, blending privacy with efficient layouts and convenient access to the community's amenities. Both the Signature and Lifestyle land plots are designed to accommodate a variety of luxury residences, including the signature Dune Villas, which range from 5,300 to 15,000 square feet and are crafted by world-renowned architects Olson Kundig and Champalimaud Design. Dubai's first and only truly private golf course At the heart of Discovery Dunes is Dubai's first private golf course, designed by the legendary Tom Fazio. Free from tee-time restrictions and welcome to all-level golfers, from beginners to professionals, the course is complemented by a state-of-the-art clubhouse, practice facilities equipped with TrackMan technology, and two signature comfort stations offering premium refreshments inspired by local flavours. True to Discovery Land Company's fundamental value of bringing high-quality leisure to residents' doorstep, Discovery Dunes provides a relaxed environment paired with world-class facilities. Blending sport and sociability, the course provides members a setting to play, unwind and connect, allowing members to enjoy the game at their own pace without the constraints typically found at conventional golf clubs. Curated lifestyle experiences Beyond golf, Discovery Dunes provides an extensive range of amenities designed for an ultra-luxury lifestyle. An equestrian centre offers elite training and riding opportunities, while a kids' club provides engaging activities and programs designed to inspire and entertain younger members. The adventure park includes sports courts, a surf rider, and educational experiences. Members can enjoy a selection of pools, perfect for relaxation, recreation, or fitness. One of the key offerings is Discovery's signature recreational service, the Outdoor Pursuits Program, featuring a dedicated on-site team that crafts personalised experiences tailored to all skill levels, age groups, and local interests. Activities range from road biking and guided bike tours to padel, kite surfing, and a wide array of other adventures both at Discovery Dunes and in the other Emirates. Discovery Dunes also houses a Clubhouse with sweeping views featuring a health and wellness centre complete with a gym and a variety of fitness classes. Separately, a purpose-built clinic further enhances the community's comprehensive offering. Families can enjoy an organic farm and greenhouse that promote sustainable farming techniques and farm-to-table dining, reflecting the development's commitment to environmental stewardship and healthy living. Concierge-driven living A dedicated concierge-style services team enhances members' experiences through various tasks such as organising travel arrangements, home preparations while residents are away, restaurant reservations, and booking golf lessons, just to name a few. This service philosophy ensures that residents can focus entirely on enjoying their time within the community, with daily logistics managed seamlessly by professionals who anticipate needs before they arise. For added ease and exclusivity, Discovery Dunes features a private helipad, offering swift and seamless access for members travelling from other Emirates or further afield to the community. The development's proximity to several private jet terminals at Dubai World Central ensures international residents can arrive directly at their sanctuary with minimal transit time. The best of both worlds What truly sets Discovery Dunes apart is its innovative dual presence in Dubai. While the main development offers a private sanctuary in Dubai South, members also enjoy exclusive access to Discovery Downtown, a private city club located in the Dubai Edition Hotel, offering dining, a golf simulator, and breathtaking views of the Burj Khalifa. This dual-location concept allows members to transition effortlessly between their secluded residential enclave and Dubai's vibrant urban core – a feature unique among residential developments in the UAE. Members can begin their day with a peaceful breakfast overlooking the golf course, conduct business meetings at Discovery Downtown, and return to their tranquil residence in the evening, experiencing the best of both worlds without compromise. Strategic location in Dubai's growth corridor Discovery Dunes offers its members exceptional convenience being a short drive away from the Al Maktoum International Airport, which is projected to become the world's largest airport with a capacity of 260 million passengers. The new airport is poised to transform the surrounding Dubai South region into a vibrant hub for residential and commercial activity with property demand expected to exceed 100,000 homes in the coming decade. The Dubai government has recently announced AED 272 billion projected expenditure between 2025 and 2027 with 46 per cent being allocated to infrastructure, which includes the new airport development. This strategic investment ensures that Discovery Dunes residents will benefit from world-class connectivity and appreciating property values as Dubai South evolves into one of the emirate's most dynamic districts. The perfect timing as Dubai becomes leading wealth migration hotspot The UAE's overall financial wealth is expected to continue growing in the upcoming years, generated by family offices and UHNWIs, and is anticipated to contribute an additional $500 billion to the overall economy by 2026 as per a survey conducted by KPMG and Agreus. The continuous overall growth of the economy will pave the way to new revolutionary developments and projects that will help meet the current demand of these wealthy individuals and families, providing them with additional incentive of choosing the UAE as either their permanent or secondary home destination. For Dubai's increasingly sophisticated luxury market, Discovery Dunes represents not just another high-end development, but the arrival of a globally proven concept in creating communities where privacy, exceptional amenities, and family-focused living come together in perfect harmony.
The Star
30-04-2025
- Business
- The Star
Hong Kong's Tsim Sha Tsui is world's top high street, beating Madison Avenue, Bond Street
Hong Kong's Tsim Sha Tsui district commanded the most expensive rental fees among the world's retail markets last year, as luxury brands from Cartier and Dior to Tiffany kept their flagship stores running on the Kowloon peninsula, according to Savills. Prime retail rent in TST, as the area is called, was £17,132 (US$22,976) per square metre per annum in the fourth quarter, according to Savills' report. That was 9.6 per cent higher than New York's Madison Avenue, at £15,559 per sq m per year, and 11 per cent greater than Bond Street in London's West End, at £15,333 per sq m per year. Hong Kong's high concentration of high net worth individuals (HNWI) is 'starting to garner renewed interest' among luxury brands to expand their footprint in the city, especially in TST, said Savills' Hong Kong director of retail Thomas Waterhouse. The report said the district is likely to retain its pole position in 2025. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. Hong Kong had 42,715 people last year who had a net worth more than US$10 million, according to a Knight Frank estimate, which made the city the world's 10th largest wealth hub last year. The well-heeled set, which made up 0.6 per cent of Hong Kong's population of 7.5 million people, accounted for 2 per cent of the worldwide class of 2.34 million HNWIs, Knight Frank said. The city's government has also been aggressive in luring more investors and wealthy individuals to its shores. As of February, the new investment migration scheme had attracted 910 applicants and was expected to bring in HK$27 billion (US$3.5 billion) in investments. The rebase of prime retail rents in the city, which are more than a third lower than 2019 levels 'is also helping' to revitalise the luxury retail leasing momentum, Savills said. 'While Hong Kong saw improved levels of activity, they were still below pre-pandemic activity,' the report said. 'A recalibration in its luxury market is currently under way. Following several years of store contraction, upsizing in key locations is slowly gathering pace.' A report by Cushman & Wakefield in November placed Tsim Sha Tsui as the world's fourth most expensive shopping district in 2024, with annual rents at US$1,607 per square foot, behind Montenapoleone in Milan, Fifth Avenue in New York and New Bond Street in London's Mayfair. Hong Kong retail sales dropped for a 12th consecutive month in February, falling 13 per cent to HK$29.4 billion from a year earlier, according to the latest data from the Census and Statistics Department. Sales in the first two months of 2025 shrank 7.8 per cent from a year earlier as local residents spent a big chunk of their discretionary income in Shenzhen and elsewhere. Up to 64 per cent of the new luxury stores that opened last year were in the Asia-Pacific region, with Shanghai and Beijing in the top two spots, while Hong Kong took the ninth place on the list of so-called alpha cities for openings, Savills said. '[Mainland] China continued to be a powerhouse, responsible for 40 per cent of all new global opening, reflecting a 10 per cent year-on-year increase, though this marks a slowdown from previous trends, primarily due to the opening of IFC Nanjing in the second half of 2024,' said Savills' cross-border lead Kelly Cheng. Still, the flurry of openings masked the spending slumps that had forced Gucci, Prada, Louis Vuitton, Chanel, Bulgari to shut outlets across the mainland, according to data compiled by New luxury store openings in China this year are likely to contract again, the Savills report said. 'China's global share [of luxury outlets] did contract,' she said. 'This data masks the fact that several major brands have been closing stores in China while consolidating and focusing on key markets.' More from South China Morning Post: For the latest news from the South China Morning Post download our mobile app. Copyright 2025.
