TSMC to begin construction of European chip factory in Q4 '24    German inflation up to 2.4% in April    Biden harshly hikes tariffs on Chinese imports to protect US businesses    Madinaty Open Air Mall Welcomes Boom Room: Egypt's First Social Entertainment Hub    Oil steady in early Tuesday trade    Indonesia kicks off 1st oil, gas auction    Cred entrusts Ever's clubhouse operations to Emirati firm Dex Squared    Mabany Edris boosts Koun Project investment to EGP 7bn    Sales of top 10 Egyptian real estate companies hit EGP 235bn in three months: The Board Consulting    Key suppliers of arms to Israel: Who halted weapon exports?    Trend Micro's 2023 Cybersecurity Report: Blocking 73 million threats in Egypt    Egypt and OECD representatives discuss green growth policies report    Egypt, Greece collaborate on healthcare development, medical tourism    Egyptian consortium nears completion of Tanzania's Julius Nyerere hydropower project    Intel eyes $11b investment for new Irish chip plant    Al-Sisi inaugurates restored Sayyida Zainab Mosque, reveals plan to develop historic mosques    Shell Egypt hosts discovery session for university students to fuel participation in Shell Eco-marathon 2025    President Al-Sisi hosts leader of Indian Bohra community    Japanese Ambassador presents Certificate of Appreciation to renowned Opera singer Reda El-Wakil    Sweilam highlights Egypt's water needs, cooperation efforts during Baghdad Conference    AstraZeneca injects $50m in Egypt over four years    Egypt, AstraZeneca sign liver cancer MoU    Swiss freeze on Russian assets dwindles to $6.36b in '23    Climate change risks 70% of global workforce – ILO    Prime Minister Madbouly reviews cooperation with South Sudan    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Engineering consultant Living Design aims to expand in Egyptian real estate market: CEO
Negotiations ongoing with real estate developers on several new projects, especially in hotel sector
Published in Daily News Egypt on 11 - 04 - 2022

Living Design for engineering consultancy aims to expand in the Egyptian real estate market this year, especially in the hotel sector.
Tarek Hegazy, CEO of Living Design, said that the company is currently negotiating with a number of real estate developers and investors wishing to invest in the hotel sector, to become the base of the company's projects in the Egyptian real estate market.
Hegazy told DNE that the company is currently seeking to introduce itself to the Egyptian real estate sector and real estate development companies and offer its services to companies, as well as identify the needs and requirements of the Egyptian market.
He explained that Living Design contracted with Ideador Consulting company, which specializes in real estate marketing, to study the Egyptian market and identify its needs.
He pointed out that the Egyptian real estate market achieved positive results during the pandemic. He added that Egypt is one of the most successful markets, especially in the field of real estate investment, which is popular with Egyptian clients and workers abroad, as well as foreign clients.
Hegazy said that the tourism sector witnessed several changes during the last period, including the repercussions of the virus, and the complete closure of a large number of countries, but it was able to recover, overcome the crisis and achieve good growth rates. He expects the sector to witness a strong breakthrough during the coming period.
In addition, he said that Egypt needs to pay greater attention to the tourism sector and tourist real estate, especially the hotel sector, in conjunction with the openings of new cities. He stressed the importance of having tourist attractions to attract the largest number of tourists and revitalize the tourism sector.
The Egyptian real estate market witnessed several challenges in the past period, most notably the repercussions of the pandemic and the rise in the prices of building materials and raw materials as a result of the repercussions of the Russian-Ukrainian war; however, the real estate sector is flexible and can absorb shocks.
He noted that these crises are not limited to the Egyptian real estate market, and are rather global. They have affected all economic sectors. He said that the hotel sector will witness a state of improvement during the coming period with the return of tourism in most countries of the world, and it is expected that the price of renting hotel rooms will witness a growth at a rate of up to 104% during 2022-2023.
He added that the high prices of building materials and the scarcity of raw materials in the market will affect implementation rates, but it is a temporary problem that can only be considered real if the crisis continues for at least 6 months.
He explained that the Egyptian real estate market accommodates all real estate products of all kinds, including residential, commercial, administrative and medical units, as well as hotel units.
With regard to the real estate export, Hegazy said that Egypt possesses all the ingredients that make it capable of occupying an advanced position in this trade, whether the distinguished geographical location, or the new smart cities that are being implemented on the ground, in addition to the steps of economic reform, and finally the legislation that contributes to the growth of sector.
He added that the coming period will witness high demand from customers for the Egyptian real estate product in conjunction with the resumption of real estate exhibitions to present a variety of real estate products that meet all customers' needs.
Moreover, he explained that the consulting offices play an important role in the construction and building system, as they provide their advisory services to clients from preparations to the completion of these projects, according to the plan.
He pointed out that the consulting offices are working on studying the needs of the market to meet its requirements in line with the state's visions and objectives in urban development processes.
He said that the rules for creativity and the aesthetic form of projects are applied according to the data of each country, as the identity of each country differs in terms of its development goals and its own building codes, and this is taken into account before starting to develop plans for any project.
Hegazy added that the financial compensation that the architectural and consultancy offices receive is "largely satisfactory," noting that the rate of consulting offices ranges from 4% to 12% of the total value of the project.
He explained that Living Design aims to deliver 1,100 keys within its hotel projects in a number of cities during 2022, and several new investment opportunities are currently studied.
He pointed out that the company is studying six new projects in Africa and Europe, most of which are hotels in a number of cities, and they will be announced once the agreements are completed by June 2022.
He said that last year, the company delivered 700 hotel unit keys, and is currently executing 16 projects between the design and study phases in a number of cities, including Geneva, Georgia, Malta, Munich and Switzerland.
Hegazy added that the construction area of the smallest project is 16,000 sqm, and the largest is 42,000 sqm, with a target of 220 keys for the lowest project, and 480 keys for the largest project.
He explained that the company's capital is estimated to be €300,000. It owns three centers with 23 specialized engineers. It also works with global real estate developers and management companies.
He pointed out that the company has won more than 120 awards for its hotels, and is considered one of the best interior design companies in the field of hospitality and high-end residential and commercial projects.
Living Design is headquartered in Stockholm, Sweden, and has three other offices in Zurich and Geneva, Switzerland, in addition to a liaison office in Cairo.
Living Design's latest projects include the Pullman Skipper Hotel in Barcelona, the renovation of the Zurich Marriott, the Munich Marriott, the new Marriott Mostar, Wyndham Addis Ababa, the Grand Kempinski Hotel Geneva, the Hilton Ikoyi, Port Harcourt in Abuja in Nigeria, the InterContinental Davos Hotel & Resort, and Sofitel Ashgabat in Turkmenistan, Grand Kempinski Hotel Geneva, Radisson Oslo Plaza Hotel, and Grand Kempinski Hotel High Tatra in Slovakia.
Upcoming mega projects also include the Bucharest Marriott in Romania, the renovation of the Copenhagen Marriott Hotel in Denmark, the Frankfurt Marriott, the renovation of the Brussels Marriott, the Munich Marriott, and the new Batumi Marriott in Georgia, in addition to a group of private residences in the best travel destinations among other new projects.


Clic here to read the story from its source.