PMG Real Estate and sister company EEG both have significant announcements this month.
PMG Real Estate has signed a Strategic Alliance Relationship/Referral agreement with international real estate brokerage company, Chestertons, in order to maximise the client and brokerage network between the parties.
PMG Real Estate is based in Lebanon, and Chestertons in the UK and Dubai. The agreement means that any referrals received by PMG in London/Dubai will be exclusively offered to Chestertons, and vice versa. In addition, both companies will be jointly marketing properties in Cyprus. They have already collaborated on several high end projects, including the B11 residential and commercial project in Lebanon, and two beach-side residential projects which are under construction in Cyprus.
In Lebanon, EEG has recently designed and installed a sea water geothermal condenser cooling system for the Four Seasons Hotel Beirut. The cooling system comprises a chilled water system consisting of three YORK centrifugal water cooled chillers, installed in the basement, and three cooling towers located on the upper roof.
Since the property’s opening in 2010, the maintenance and overall operational expenses of the cooling towers have been high, due to the corrosive seaside environment, the large distance between the chillers and the towers, and the high cost of water which is mostly purchased through cisterns. EEG was tasked in 2015 to carry out an initial study to look at the potential benefits of geothermal cooling, and followed this with testing, which led to a detailed design, in 2016. The final phase of the project was approved earlier this year, and has just been completed by EEG. All the work was carried out without any interruption to the chilled water supply. The overall savings and benefits are substantial, and the new system has much lower maintenance costs, which will have a positive impact on the hotel’s bottom line in the future.