Egypt – Hyde Park Developments, a leading real estate developer in Egypt, has announced that it has achieved sales worth EGP 10bn until the end of August, out of a total target of EGP 12bn to EGP 13bn by the end of this year. The sales include the company’s various projects in east and west Cairo and North Coast.
Increasing delivery and construction rates
Amin Serag, the CEO of Hyde Park Developments, said that the company aims to increase the delivery and construction rates in its projects during 2023, as a way of hedging against the high construction cost. He added that the company has increased its capital from EGP 400m to EGP 1.8bn.
Serag noted that the company’s portfolio includes the Hyde Park project in New Cairo, the Business District in east Cairo, the Tawny compound and Garden Lakes project in west Cairo, and Hyde Park North in North Coast, with total investments exceeding EGP 80bn.
Delivering ahead of schedule
He pointed out that the company has delivered more than 4,088 units in its flagship project, Hyde Park New Cairo, including units that were delivered six months ahead of schedule. The project has more than 2,000 families already living in it, and another 1,168 units are being finished during this year. The company aims to have 4,000 inhabited units within the project by the end of the year.
He added that Hyde Park New Cairo is one of the largest integrated real estate projects in Egypt, with a total area of more than 6 million sqm. The project is being built in eight different phases, with a total number of units of around 20,000 units. The project includes residential, commercial, and service components. The last phase of the project is scheduled to be delivered in 2030.
Offering a sports and social club
Hyde Park New Cairo also features a sports and social club of over 40 feddan, containing sports fields for various activities. The company has reached an agreement with Blue Ribbon Egypt, which specializes in managing sports clubs. The designs for the club are currently being developed by major architectural firms. The project’s sales recorded EGP 3.5bn since the beginning of this year, and it is expected to witness a 20% increase in sales. In the commercial area of the project, the first six administrative buildings will be delivered at the beginning of next year.
Expanding in west Cairo and North Coast
In west Cairo, Serag commented that more than 80% of the Tawny project has been completed, and construction works are underway on the rest of the project. The units are being delivered now, and the project will be completed by the end of 2024. The company has achieved sales worth EGP 2bn in the project so far.
In North Coast, the company has launched Hyde Park North, a new project that offers various types of residential units and facilities. The project covers an area of 500 feddan and has a beachfront of 1 km. The project’s sales recorded EGP 1bn since its launch in July.
Tawny is a compound located on 31 feddan in west Cairo, with 20% built-up area comprising approximately 214 villas. Hyde Park introduced quad villas as a new product for the first time in Hyde Park, for optimal use of spaces and gardens. The project offers a variety of amenities and services for the residents.
Garden Lakes is another project in the 6th of October city, west Cairo, comprising apartments, villas, duplexes, twin houses, and townhouses. The project covers an area of 82 feddan and features a lake, a clubhouse, a commercial area, and landscaped areas.
Seashore Ras El Hekma
Seashore Ras El Hekma is a coastal project in the North Coast, which includes 1,800 various units of villas, townhouses, twin houses, and chalets. The project covers an area of 500 feddan and has a beachfront of 1 km. The project offers a range of facilities and activities for the residents and visitors. Hyde Park Developments intends to deliver the first phase in 2024, which includes 86 units. The project achieved EGP 4.5bn in sales during the summer months.
Negotiating new lands for expansion
As for the most prominent features of the company’s expansion plan, Serag concluded that the company is negotiating new lands as part of its expansion plan. He said that Hyde Park Developments negotiated two plots of land in west Cairo, specifically in the 6th of October City, owned by the New Urban Communities Authority, with a total area of about 200 feddan. He also said that the company is negotiating a plot of land in Damietta.