Hamptons will initially launch the up-and-coming Golden Park Resort & Spa, which is already 60 per cent complete, to customers through a roadshow planned in March in Dubai.
Located on the Red Sea Riviera Coast in Golden 5 City, Hurghada, Golden Park Resort & Spa comprises a collection of residences developed to world-class standards in an integrated neighbourhood featuring varied lifestyle amenities. Golden 5 City features seven hotels already and another one is under construction, thus offering Golden Park Resort & Spa residents access to a well-established resort community. Also, Hurghada is one of the leading holiday destinations in Egypt, with its natural splendour and marine leisure pursuits adding to its appeal.
Mr Nasser Abdul Rahman Rafi, Managing Director, Hamptons International – Middle East, said: "Our partnership with the Kimidar Group complements the expansion plans of Hamptons in Egypt, where we will soon be opening a corporate sales office. Through the exclusive partnership for the UAE, we are further strengthening our product portfolio and offering Kimidar Group the opportunity to showcase their projects to a wide customer base of high net worth individuals. With the Resort already being 60 per cent complete, it represents a secure investment in an off-plan environment."
He added: "The Golden Park Resort & Spa is the first of several Red Sea based projects being developed by Kimidar Group. The unique location in Hurghada, the world-class diving and the lifestyle amenities will suit the requirements of residential tourism clients, which continues to grow led by the potential for tourism offered by Egypt. A key emerging market in North Africa, Egypt promotes residential property sector through investor-friendly legislations including safe title deeds. With current estimates of 20 per cent per annum capital appreciation, properties by the Red Sea also assure excellent rental yields and long-term value. Each owner is offered a fully furnished home with a guaranteed rental of 7 per cent for at least five years."
Mr Mohamed Kamal Aboul Khier, Chief Executive Officer, Kimidar Group said: "Kimidar Group has a long-history of association with the Egyptian tourism sector, and our expansion to leisure-driven property is aimed at leveraging on the potential offered by the residential tourism market. The Egyptian government, through several public and private ventures, is shaping a new tourism dynamic in the Red Sea region. Several golf courses, marinas and other lifestyle amenities are being developed apart from large investments in developing the infrastructure."
He added: "Hamptons International has established itself as one of the premier property service companies in the Gulf region, and its international network of customers gives us immediate access to high net worth investors. The exclusive sales representation for the UAE will open doors to investors from the Gulf as well as Europe and Asia – a growing market for Egyptian residential tourism sector."
In its recent report 'Global Megatrends 2009,' Ernst & Young has projected Egypt as one of the potential rivals to the BRIC (Brazil, Russia, India and China) nations in terms of growth potential offered. The country is also acknowledged as one of the least vulnerable economies to the global financial crisis.
Tourism is one of the pillars of the economy's growth with a record 12.8 million tourists reported in 2008, up 15 per cent over 2007. It contributes US$10.8 billion, accounting for 6.5 per cent of the GDP. The growth of the educational sector has further supported the real estate market with attractive rental returns, while investments in air and land connectivity have further boosted tourism arrivals.
The Golden Park Resort & Spa builds on the country's tourism appeal, with a strategic location in Hurghada, one of the leading beaches on the Red Sea. Hurghada offers 40 km of pristine beach and is an international centre for aquatic sports including windsurfing, sailing, deep-sea fishing, swimming, snorkeling and diving. It is also a preferred destination for golfers with three world-class signature courses and two more to open shortly.
Mr Rafi explained: "Potential investors can choose from a range of apartments, villas and townhouses that are elegantly designed to be in harmony with the picturesque surroundings. The community features swimming pools, tennis courts, children's playground and a central country club – all aimed at providing a thoroughly refreshing residential experience, be it for short-stay or the long-haul."
A 140-year-old company, Hamptons International has an extensive portfolio of leading property projects in the UAE and across a number of international markets including Morocco, India, Italy, the UK and the Seychelles. Acquired by Emaar in 2006, Hamptons has over 85 offices worldwide, providing customers with a wealth of property opportunities and access to a diverse property portfolio. The company provides property management, valuations and research, advisory and mortgage services.
