Red­con set to es­tab­lish 100 clin­ics, hos­pi­tals in 3 years


The Daily News Egypt - - Front Page -

Hazem Ashry, co-founder and chair­per­son at Red­con Med­i­cal Parks, said that his com­pany will es­tab­lish 100 clin­ics in its Al­burouj Med­i­cal Dis­trict project, which was an­nounced last week.

Red­con Med­i­cal Parks is a sub­sidiary of Red­con Real Es­tate Devel­op­ment. The com­pany is spe­cialised in pro­vid­ing ser­vices of med­i­cal fa­cil­i­ties in Egypt. What are the expected re­turns from the first phase of the project?

We ex­pect to achieve rev­enues of up to EGP 300m from sell­ing the units in the new clin­ics com­plex project. What are the project in­vest­ments?

Red­con Med­i­cal Parks launched Al­burouj Med­i­cal Dis­trict project last week with in­vest­ments of EGP 2bn, as part of the Al­borouj project that is be­ing im­ple­mented by Cap­i­tal Group Prop­er­ties for Real Es­tate Devel­op­ment. What is the num­ber of hos­pi­tal beds in the project?

Al­burouj Med­i­cal Dis­trict project in­cludes a big building for clin­ics and a hos­pi­tal of 150 beds, next to a med­i­cal cen­tre for well­ness and fit­ness, as well as a restau­rant and cafe court. When will the first phase be im­ple­mented?

The com­pany will start im­ple­men­ta­tion of the first phase of the com­plex in March 2018, in prepa­ra­tion for the open­ing of the book­ing phase shortly. What is the pay­ment and book­ing sys­tem?

The com­pany will of­fer the clin­ics to the doc­tors with a good sys­tem of pay­ment.This will in­clude pay­ing a EGP 25,000 down pay­ment and 10% of the to­tal value at de­liv­ery,then pay­ing quar­terly in­stall­ments for a pe­riod of five years. Units will be de­liv­ered within three years. What is the to­tal project area?

Al­burouj Med­i­cal Dis­trict is built on 33,000 sqm.The com­pany will use 11,000 sqm in the first phase that in­cludes the clin­ics com­plex, which will be ready in three years. Who are the tar­gets of the project?

The com­pany aims at at­tract­ing peo­ple with PhDs and uni­ver­sity pro­fes­sors to in­vest in the com­plex, as well as ex­pa­tri­ate doc­tors from the Gulf and Eu­rope, and then fresh grad­u­ate doc­tors. Are there any ne­go­ti­a­tions with banks to fund clin­ics?

We are ne­go­ti­at­ing with some banks, in or­der to fund doc­tors who do not wish to pay for clin­ics over five years, so they can ex­tend the in­stall­ment pe­riod over 20 years. Why does the com­pany launch such a project? The com­pany has pre­pared a study on the area where the med­i­cal com­plex will be lo­cated. It was found to be with a high pop­u­la­tion of 120,000 res­i­dents by 2020,next to the em­ploy­ees of the com­pa­nies close by, mak­ing it a good in­vest­ment.

Al­burouj project is on 1,212 fed­dans (5m sqm) in the area be­tween Suez and Is­mailia Desert roads. It is an in­te­grated project with 28,000 res­i­den­tial units and a num­ber of com­mer­cial, en­ter­tain­ment, and ad­min­is­tra­tive units. It will be im­ple­mented over four phases in 10 years.

Se­lec­tion of Al­burouj project to launch the com­pany’s first med­i­cal project was due to the prox­im­ity to a num­ber of res­i­den­tial and high pop­u­la­tion den­sity ar­eas. This in­cludes 12,000 res­i­dents and 8,000 em­ploy­ees in the planned Smart Vil­lage Project, along with com­pa­nies and schools.

There is also a trend of dis­place­ment to the new pop­u­la­tion ar­eas such as Badr, Obour, Sheikh Zayed, Nozha, and New Nozha.The project aims to pro­vide med­i­cal fa­cil­i­ties to res­i­dents of these cities. What is the size of the com­pany’s fi­nan­cial port­fo­lio? The size of the com­pany’s new fi­nan­cial port­fo­lio amounts to EGP 50m. It will be increased from self re­sources when the project be­gins.

The com­pany also ex­cludes bor­row­ing from banks for the current pe­riod be­cause of the high in­ter­est rates on lend­ing, so it will rely on its own project fi­nanc­ing. What ser­vices does the project in­clude?

The com­pany will es­tab­lish a med­i­cal clinic building in the first phase of the project, and will be joined by the hos­pi­tal and the med­i­cal cen­tre be­fore 2023.

The com­pany aims to es­tab­lish a hos­pi­tal with a ca­pac­ity of 150 beds to treat all med­i­cal con­di­tions.

The service in Egypt lacks good man­age­ment.The ac­qui­si­tions car­ried out within the med­i­cal sec­tor are in­dica­tive of the at­trac­tive­ness of the Egyp­tian mar­ket, which needs many med­i­cal ser­vices. What do you think of re­cent ac­qui­si­tions in the sec­tor?

De­spite the pos­i­tive in­di­ca­tor of ac­qui­si­tions, the mar­ket needs new med­i­cal en­ti­ties and the re­struc­tur­ing of some of the old en­ti­ties to pro­vide med­i­cal service at a high level to be used to at­tract Arab and African ex­pa­tri­ates to re­ceive med­i­cal service. Is the com­pany con­sid­er­ing pro­vid­ing med­i­cal tourism ser­vices?

The com­pany is con­sid­er­ing the pos­si­bil­ity of pro­vid­ing ther­a­peu­tic tourism ser­vices within the new med­i­cal com­plex, and it tar­gets Africans in the first stage.

In ad­di­tion, the com­pany has es­tab­lished a com­pany spe­cialised in the field of med­i­cal build­ings for the devel­op­ment of fa­cil­i­ties, and will fo­cus ini­tially on clin­ics, and then the trans­for­ma­tion into larger en­ti­ties in later stages.



Hazem Ashry, co-founder and chair­per­son at Red­con Med­i­cal Parks

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