Reign Holdings and the Covid-19 pandemic

Government actions being taken to deal with the pandemic, while vital, are proving costly to all economies. Each sector, to a greater or lesser extent, will experience some kind of slowdown and these are undoubtedly anxious times.

How will Covid-19 affect property developers?

The housing market is stablising. Looking at home buyers’ growing interest, we believe that the property development sector will survive the pandemic in good shape. In my opinion, experienced developers will not be so severely affected by the economic downturn, but that does not mean all are safe. The biggest problems will be felt by those who, in times of prosperity, neglected rational management of funds and signed contracts for sky-high amounts, which now, in the absence of financial liquidity, will become empty promises.

What about Reign Holdings strategy?

The residential real estate market in which we operate is unlikely to suffer as negatively as other industries. However, we remain alert, aware and – most importantly – flexible enough to have multiple alternative solutions for different scenarios.

Although there is no rulebook for this current moment, the way that past crises were handled can prove instructive. Our development activity will not slow down or stop, as was the case with other developers in 2009 when the housing market began to collapse. In line with our strategy, we are committed to the timely delivery of all our projects, taking into account the safety and security measures for our employees.

Currently, we are building more than 200 luxury homes in three different locations across the UK, with further two investments of 425 and 50 units due to start next month, and 600 units in the pipeline.

Reign Holdings further commitments

The way that we, as an organisation, respond to this crisis is a defining moment.

Our first priority is to ensure that our employees are financially secure during the outbreak. We have invested in staff welfare programs and improved our health and safety policies, for example by adding flexible working hours for parents whose children are home schooling.

When it comes to the communities we serve, we are doing whatever we can to strengthen their health infrastructures. Salya Charitable Trust has provided medical services and ambulances to local hospitals. Its ambulances are equipped with facilities like basic life-support systems, auto loader stretcher trolleys with floor mounting mechanisms, a doctor’s seat and air-conditioning.

Further initiatives to maximise our assistance and impact are currently being planned. As the pandemic is currently showing no signs of abating, social responsibility must be our driving force.

Samir Salya, CEO, Reign Holdings