K Developments contracts with NAMAA EXP as operational consultant for the Palencia Plaza project.
K Developments announced the signing of a cooperation agreement with NAMAA EXP to serve as the operational consultant for the Palencia Plaza project in Shorouk City. This agreement aligns with the company's strategy of collaborating with specialized partners across all stages of development, from planning to actual operation.
The agreement was signed by Eng. Omar El Fayoumi, Chairman of K Developments, and Eng. Karim Ghoneim, CEO of NAMAA EXP.
Eng. Ahmed El Fayoumi, CEO of K Developments, stated that the real estate market is witnessing a significant evolution in valuation standards, with operational and management quality becoming essential for preserving the investment value of real estate assets and achieving sustainable long-term returns.
El Fayoumi added that K Developments adopts a philosophy based on developing projects ready for efficient operation from the outset. Therefore, the early engagement with NAMAA EXP ensures the establishment of a comprehensive operational system that adheres to global best practices.
He explained that NAMAA EXP was selected based on its specialized expertise and strong track record in managing and operating shopping centers and real estate assets, enabling it to develop a comprehensive operational vision that enhances the project's efficiency and appeal to investors, brands, and entrepreneurs.
He noted that NAMAA EXP's role will not be limited to providing traditional operational consulting, but will extend to participating in shaping the project's brand identity and developing a comprehensive operational and marketing strategy. This includes reviewing the project's architectural designs in collaboration with YBA and developing a well-considered tenant mix strategy that integrates the various components of the project and enhances its commercial appeal.
He added that the scope of work also includes integrating operational and technical requirements, mechanical, electrical, and plumbing (MEP) systems, and all technical considerations from the initial design and planning stages. This ensures the design aligns with actual operational requirements, minimizes potential future operational challenges, and enhances the long-term efficiency of project management and operation.
Al-Fayoumi emphasized that engaging a specialized operations consultant from the outset is a strategic step reflecting the company's commitment to implementing the highest real estate asset management standards and ensuring the project's long-term success and sustainability.
He added that the partnership with NAMAA EXP will contribute to developing a clear roadmap for project management after its opening. This roadmap will encompass the operation of facilities and services, commercial traffic management, asset quality maintenance, and maximizing occupancy rates, thereby enhancing the project's market value and boosting customer returns.
He explained that the Palencia Plaza project is one of the company's strategic projects in Shorouk City, with investments totaling EGP 1.5 billion. It is situated on a 6,000-square-meter plot directly on the Al-Hurriya Axis, near major roads, highways, and educational, medical, and sports institutions.
He noted that the project includes commercial, administrative, and medical activities within an integrated real estate product. It capitalizes on Shorouk City's growing population and the large customer base of the Palencia residential project, thus enhancing its operational and commercial success from day one.