VAI Developments contracts with Concorde El Salam to manage serviced apartments in 4T1 project in NAC, as part of the company’s plan to cooperate with success partners in all project phases, Invest-Gate reports.

Shehab Al-Mahdi, CEO of VAI Developments, says, “The company is keen to contract with strong brands to develop 4T1 project, hence the company contracts with Concorde El Salam to manage the serviced apartments in the 4T1 project, which is hotel apartments, and will provide all hotel services to clients.”

4T1 project is the company’s second project in NAC, which is a commercial hotel project. The 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. Also, the total investment of the branded apartments is worth EGP 500 mn.

“The company contracts with Arabella Plaza to operate the commercial part of the project,” Al-Mahdi explains.

The CEO adds 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 doesn’t use it throughout the year to achieve a renewable return on investment for him.

Additionally, the company is working on finding innovative marketing solutions to achieve the highest investment return for its customers.

In this regard, Mahmoud Abdeen, managing director of VAI Developments, states, “The NAC will be a destination for Egyptian and foreign investors and clients who stay in a hotel to complete their business and investments, making these units occupied throughout the year. Accordingly, the choice of Concorde El Salam comes to provide all services and luxury that customer needs in branded unit.”

Abdeen explains that the company contracts with DMA company to carry out the engineering and construction designs and be an engineering consultant for the project.

Additionally, 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, states, “The cooperation with VAI Developments comes after the integrated study of the company and its project to suit the portfolio of projects it manages. Therefore, the company deservedly obtains 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 NAC. The project will provide various services that achieve well-being for its customers, in line with the name of both entities,” Penhaligan concludes.