DarHub, a specialist in finishing, decoration, and contracting, has contracted with valU, the financial services provider and affiliated to EFG Hermes, to finance customers wishing to finish their semi-finishing residential units with funds up to EGP 2.5m.
Founder and CEO of DarHub, Malek Azzam, said the contract mainly aims to finance half-finished property owners who wish to finish their units with a value of up to EGP 2.5m per unit with a payment plan over 5 years.
Azzam noted that DarHub aims to conduct deals between contractors and customers worth EGP 10m by the end of 2019 through the application “Application” that have been launched by the company during the current year.
Furthermore, Azzam explained that his company sets standards and requirements in selecting specialised finishing companies according to the region and quality of business, along with a number of requirements for seriousness and commitment.
He pointed out that the company started its operations in greater Cairo and plans to expand in other governorates, and the number of companies that his company operates with reached 2,000 contracting companies to cover the currently targeted locations.
Additionally, he highlighted that the application has received interest by contracting companies working in the finishing and decoration sector, elaborating that the company’s new application aims to provide finishing services and contracting for semi-finished residential units and provide unit owners with the best contracting and finishing offers provided by companies.
The company plans to expand in new cities through finishing units in new compounds and provinces, he disclosed.
Azzam said that there are 12m unfinished housing units in the real estate market distributed over provinces and new cities. Moreover, greater Cairo includes about 1.5m half-finished units annually, which requires the provision of new mechanisms to contribute to the development of new solutions and services commensurate with financial solvency of owners of these units.
Azzam stressed that the introduction of technology into the real estate sector has contributed to finding quick solutions to problems that have been challenging, adding, “With the growing use of technology, customers have several opportunities to choose between market supply.”
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