Hyde Park Developments to go beyond the single-project strategy, CEO
Up to EGP30bn investments were injected into the project to-date, with the company targeting EGP4bn sales this year
A loan worth EGP1.5bn signed off with leading banks including the Housing and Development Bank
On top of its renowned Fifth Settlements’ Hyde Park, Hyde Park Developments added up lands to its portfolio, opting within limits to go beyond the single- project stategy through starting more than one project at one time.
Hyde Park Developments has prime shareholders like the New Urban Developments, Housing and Development Bank and Urban Communities Authority.
The company followed through with this strategy two years ago with it launching North Coast's Coast 82. Additionally, it is poised to launch two projects West Cairo, according to chief Executive Ameen Serag.
Hyde Park Developments obtained two plots of 31 and 69 acres at the 6th of October City's
Eastern Expansions at auction from NUCA, making good on its newly-found expansion policy.
" The company will start to build Tawny project on plot of 31 acres while injecting initial
investments worth EGP2bn into its first phase ."
While being easily accissible from Al-Gizera Club, The project is located in a prime location inside the 6th of October Ciy on all main
roads including 26 July Corridor and Cairo-Alexandria Desert Road and Wahat Road.
The project was licensed by the pertinent ministerial decree and will be put put for sale this month, as three leading consulting bureaus have been picked and the general consultant is expected to
be chosen within days.
The project include units designs as diverse as stand-alone villas, twin and town house, as Hyde Park is set to launch the new product of Quads-villa, a group of privacy-protected villas within one block.
Tawny consists with 216 villas with varied spaces ranging from 240 to 288sqm with the aim of catering to all needs and tastes of clients without infringing upon the 20% limit set for the built-up areas.
The project, expected to be delivered in 2024, will include restaurants and caffees whose brands
will be culled to make sure they render upscale services and add value to the whole area.
While originally planning to launch the project early next year, Hyde Park Developments decided
to kick it off late this year, he explained.
Later on, the company will launch its second project over a 69 acres plot which will be
comprised of residential units, and maybe a school and a hospital, he elaborated.
In the face of coronavirusinduced economic ramifications, considerable improvements took
the shape of rising
sales, reflecting the stamina of the Egyptian property market which may even rebound
in the months to come.
After being halted shortly in the lockdown period, constructions are now underway unabated.
Hence, " We expect work to return to normal next February at full capacity.'
" The company injected EGP1.2bn into Fifth Settlements' Hyde Park out of a total of EGP3bn
investments targeted for 2020."
Additionally, it posted EGP2.6bn sales out of this year's contractual sales targets.
With expansions and constructions financed by the company's self-genereted fund, Hyde Park Developments may take out loans worth EGP1.5bn this month from
four leading banks including the Housing and Development Bank.
These funds will be funneled into construction works at the Fifth Settlements' Hyde Park and the
6th of October City's Tawny, he noted.
The Fifth Settlements' Hyde Park, the company's foremost project, saw the construction and
finishing of 500 units, he said, expecting up to 400 residents to start living there and their
numbers to multiply to 1000 early next year.
The company sought to incentize clients to finish their housing units as quickly as possible through floating installments schemes in line with innovative payment patterns inclusive of various
facilities, he elaborated.
With the completion of 65% of the project, Hyde Park consists of 20,000 housing units, all of them are scheduled to be delivered by 2030.
The project saw the injection of up to EGP30bn investment out of a total of EGP40bn, he said,
adding that the first phase of the project's central park spreading over 600 acres is scheduled to be finalized in June 2021.
Hyde Park Developments seeks to incorporate subsidiaries providing maintenance services to
Hyde Park projects, and to specialize also in security and agriculture, etc.
Also, Finders Real Estate Marketing was founded to promote Hyde Park Projects and other real
estate companies and to enter into partnership agreements with other companies struggling to
accomplish their own ventures.
