A joint co-operation between Prime Hospitality and ‘Contact for Financing’

By Hamed Mahmoud

Prime Hospitality Management Group (PHMG) has signed a new contract with “CONTACT for Financing”, hereby the latter will provide the necessary funds to PHMG customers; enable them to finish, furnish, and equip their properties as per PHMG standards requirements, said Moataz Amin, CEO of PHMG.

In today’s real estate market, most offerings by developers are delivered to consumers as a core and shell product.

For those looking to buy real estate as an investment, this core and shell product is a financial burden to finish as finishing and furnishing costs have increased dramatically. This often forces investors to their properties unfinished, which not only impacts the livability of the compound they’re located in (thereby further decreasing the value of that property), but also represents a missed opportunity for owners to capitalise on their investment through rental income.

Through our partnership with “Contact for financing”, we are hoping to change this dynamic.

Our partnership will bring forward a solution to the Egyptian market that is tailor-made for property owners looking to finish and furnish their properties. Instead of paying lump sum, contact will afford owners the flexibility of paying for their fit outs in installments similar to those offered by the property developers.

He pointed out that the contract comes within the company’s plan to provide unique service for its customers, and ensure return of investment for them, “this agreement will be activated as of the current month”.

PHMG – Prime Hospitality Management group is Egypt’s first company specialised in property rental and hospitality management in Egypt, with a focus on serviced residences and holiday homes,

PHMG is running 77 units whose owners wish to lease, whether individuals or companies, and expected to be 155 units by 2021 and over 300 units by 2023, he said.