Egypt – Heliopolis Company for Housing and Development (HHD) says it aims to maximise its assets through cooperation with major companies and specialised entities. Hence, the HHD looks for experienced investors to manage its historic city of Granada in Cairo’s Heliopolis neighbourhood and operate its commercial, entertainment, and service facilities, the company’s CEO Tamer Nasser has said.
During the celebration of the city’s 95th anniversary, Nasser said that the offering is under a usufruct system and the city will be divided into three different areas, provided that each area is offered separately. The first area is the main building with amphitheater and front yard, which is suitable for cultural and tourism activities, exhibitions and parties. The second area is the royal rest building, and this area can be a high-level restaurant due to its nature, as it was the private resting place of King Farouk, and he was watching through its terrace horse races with princes and kings. Meanwhile, the third area is the backyard, and it is suitable for many commercial, tourism and entertainment activities.
He noted that renovation and operation of Granada City is part of the company’s plan to exploit its heritage assets in order to achieve its goals to maximise the use of these assets for investment, pointing out that it is considered one of the most important heritage and historical monuments in Egypt.
Granada City is a unique model for the architectural design of the first entertainment city that was established during the early last century by Baron Empain, founder of the Heliopolis Company. The city’s restoration and development began in 2017 and took two years at a cost of about EGP 47m within the framework of the state’s plan to revive and develop heritage Cairo and its buildings and preserve the architectural identity of these buildings. Consequently, the company was keen on in developing the city built on the Andalusian style, to return once again to a destination for those wishing to enjoy spending pleasant times among its heritage parts.
Moreover, HHD seeks to complete the development of Maryland, one of the oldest historic parks in Egypt, after starting its operation in various activities and reviving it while maximising financial benefit from it according to the company’s strategic plan to preserve the history of the park, Nasser concluded.
Source : Zawya