Paragon Real Estate Development Signs a Partnership Agreement with Savills Egypt to be Its Real-Estate Consultant for its Projects in the New Administrative Capital
By Eman Hamed
Paragon Real Estate Development, one of the pioneering companies, held a press conference to sign a partnership agreement with Savills Egypt, one of the world’s leading real estate consultancy companies, to help in operating and managing the Paragon 1 project in the Administrative Capital. This is will be implemented through ‘Paragon Properties,’ one of the companies of Paragon Real Estate Development, which will be announced during the conference.
The press conference will be held at Paragon 1 building in the New Administrative Capital, in the presence of Eng. Badir Rizk, CEO of Paragon Real Estate Development Company, and Mr. Catsby Langer Baggett, Head of the Savills office in Egypt along with a number of senior management members from both companies.
Through the partnership, Savills Egypt will provide the entire real estate consultancy needed for Paragon 1 and Paragon 2 projects, in order to make the most benefit of all smart systems inside the buildings. Therefore, Paragon Properties was launched in the Administrative Capital to manage smart office building projects owned by Paragon. In addition to benefitting from Savills expertise as it is the largest international company in this field.
Savills will also provide a wide range of specialized services from financial and investment consulting, assessment, planning and property management given that it’s one of the world’s leading real estate consultants, and its experience extends throughout the world, with 600 offices in America, Europe, Asia Pacific, Africa and the Middle East.
Paragon Real Estate Development has succeeded in achieving 1.2 billion pounds in sales from the company’s two projects in the New Administrative Capital, ‘Paragon 1’ and ‘Paragon 2.’ ‘Paragon 1’ project is the first environmentally friendly building in the Administrative Capital, consisting of a ground floor and seven floors, with a built-up area of 23,316 square meters. The building includes 205 units and parking spaces. The Paragon 1 project is completely sold out and is still under construction due to its unprecedented features. The project will be delivered according to the scheduled timelines in early 2023.
The Paragon 2 project has been designed with sustainability standards and in a state-of-the-art style and includes the iconic Paragon Hub, which includes a number of meeting rooms, office spaces, co-working spaces, a gym and a nursery for children. Moreover, the latest technology was used in construction and operation to make these buildings environmentally friendly, which qualified them to register with the American LEED-approved certificate for environmentally friendly sustainable buildings in terms of ventilation, lighting, air quality control, and the use of building materials that save energy at a rate equivalent to three times as much as any other building. This is done according to the highest international standards in the use of environmentally friendly energy and the building consists of a ground floor and seven administrative floors on an area of 60,000 square meters.
Eng. Badir Rizk, CEO of Paragon Real Estate Development, said: “The company prioritizes the human aspect when it comes to our projects. We believe that achieving profits should not come at the expense of people or the planet. Therefore, we were keen on collaborating with specialized entities dealing with smart projects and learning from their expertise that helps us achieve our desired goals and earn the customer’s trust in our projects. Especially since Paragon is seeking long-term success, allowing unit owners to obtain a good investment return by leasing the sold units.
“Paragon projects are based on managing office buildings in more sustainable ways using smart systems which prompted us to cooperate with Savills, the leading company in providing real estate consultancy, to help launch our next project. As Paragon is one of the leading companies specializing in building administrative projects with a philosophical approach based on time management, space utilization and creating a harmonious and flexible community. We want to achieve the highest possible productivity for company owners and provide building users with all amenities and entertainment, noting that the company, since its launch in the Egyptian market, has adopted a new and different idea by employing all means of modern technology to develop the performance of companies and workspaces in the construction of administrative buildings. In addition to promoting real estate with a smarter sustainable design and using technology to achieve the highest standards of luxury and comfort for customers in their workplace and creating an administrative society that provides a good climate for growth and integration in an environment that encourages innovation.” Rizk concluded.
Head of Savills Egypt, Catesby Langer-Paget also commented: “We are delighted to be working with Paragon providing property management consultancy for the first phases of the project and operational property management services going further. The project is located in a prime location, designed to become one of the first sustainable administrative buildings in The New Administrative Capital. Therefore, we are delighted to assist and consult on implementing smart building solutions in order to create one of the best working environments for the occupiers. We are hoping to grow this partnership further and look forward to the milestones to come.”