VAI Developments contracts with Concorde El Salam to manage 4T1 project’s serviced apartments at New Capital
VAI Developments has contracted with Concorde El Salam to manage serviced apartments in 4T1 project in New Administrative Capital, as part of the company’s plan to cooperate with distinguished success partners in all project phases.
The contract was signed by Shehab Al-Mahdi CEO and Mahmoud Abdeen Managing Director of VAI Developments , and Moteia Ismai chairman of Concorde and Simon Penhaligan board Member of Concorde Management during a press conference that included officials of both companies and elite journalists and media professionals.
For his part, Shehab Al-Mahdi, CEO of VAI Developments, said that the company is keen to contract with strong brands to develop 4T1project, added that the company has contract with Concorde El Salam after studying many options to win this brand deservedly and topped the list of the company’s selection.
Al-Mahdi noted that Concorde El Salam has long experience in field of hotel management, and is one of the strong companies in its field, consequently, it will manage the serviced apartments in the 4T1 project, which is hotel apartments, and will provide all hotel services to clients.
He pointed out that the 4T1 project is the company’s second project in New Administrative Capital, which is a commercial hotel project. The company contracted with Arabella Plaza to operate the commercial part of the project.
The company is keen to contract with strong and successful brands to manage and operate the project, thus increasing its investment value and preserving clients’ investments in it, he disclosed.
The company’s CEO further added that the company offers a new service in the project branded apartments, which is the possibility of renting unit for the benefit of its owner who does not use it throughout the year to achieve a renewable return on investment for him. Additionally, the company is working on finding innovative marketing solutions that achieve the highest investment return for its customers.
Mahmoud Abdeen, Managing Director of VAI Developments, stated that the New Capital will be a destination for Egyptian and foreign investors and clients who have a desire to stay in a hotel to complete their business and investments, making these units occupied throughout the year, which is confirmed by the marketing studies carried out by the company. Accordingly, the choice of Concorde El Salam comes to provide all services and luxury that customer needs in branded unit.
Abdeen explained that a contract was made with the DMA Office for Engineering Consultancy to design the project and be an engineering consultant for it. The 4T1 project will include all integrated hotel services, including a restaurant, health club, and a meeting room for business owners to follow up on their work during their stay in the hotel. The total investment of the branded apartments worth EGP 500m.
He noted that branded residences are compatible with the state’s plan to expand the export of Egypt’s real estate, as it is a product needed by the foreign client looking for a housing unit with hotel management.
Simon Penhaligan board Member of Concorde Management Company expressed his happiness to cooperate with VAI Developments and manage serviced apartments in its project, as it is one of the serious companies that enjoys a professional level and a distinguished business history this makes cooperation with them an addition to his company.
He said that the details of the 4T1 project reflect the familiarity of VAI Developments with needs of property market and target customers.
Moreover, he elaborated that the Concorde El Salam brand is also keen on the careful selection of the projects it marks and manages. The cooperation with VAI Developments came after the integrated study of the company and its project to suit portfolio of projects it manages; therefore, the company deservedly obtained the approval of Concorde El Salam to manage its project.
4T1 project will be the first branded residence project that the Concorde El Salam will manage in the New Administrative Capital, hence the first presence will be for VAI Developments, and the project will provide various services that achieve well-being for its customers, in line with the name of both entities.