Ahmed Shalaby, the managing director and board member of Tatweer Misr, said that service apartments target foreign customers who are looking for complete finishing and furnishing, and are fully equipped to live in.
During the Branded Residences roundtable organised by Invest-Gate on Wednesday, Shalaby added that their target clients are within the age range of 35 to 40 years, a segment looking for units which are characterised by the availability of services.
Moreover, he pointed out that the main target areas for establishing service apartments are the North Coast, Ain Sokhna, and the Red Sea, which are of interest to foreign clients.
“The contract and operation of these units must be approved by the ministry of tourism as a hotel model, keeping in mind that all parties will benefit from this process. Service apartments’ owners ensure a high return on the rental of their units, while the customer receives a unit which is fully equipped with services,” Shalaby noted.
Amr El Kady, the CEO of City Edge Developments, added that service apartments are attractive establishments for foreign customers, and ensures their trust.
Furthermore, El Kady pointed out that the coastal areas and business districts are the most attractive locations for developing service apartments.
For his part, Waleed Mokhtar, the CEO of Iwan Developments, demanded the need for legislations regulating contracting on these service apartments, while confirming the high revenue of investing in these units.
Mokhtar pointed out to the need to provide fully furnished units as foreign clients are mostly interested in those types of units, and they also commensurate with foreign clients’ demands, in addition this also serves the state’s plan to expand the export of property.
