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 salesthis year
A loan worth EGP1.5bn signed off with leading banks including the Housing and DevelopmentBank
OntopofitsrenownedFifthSettlements’HydePark,HydeParkDevelopmentsaddeduplandstoitsportfolio,optingwithinlimitstogobeyondthesingle-projectstategythroughstartingmorethanoneprojectatonetime.
HydeParkDevelopmentshasprimeshareholdersliketheNewUrbanDevelopments,HousingandDevelopmentBankandUrbanCommunitiesAuthority.
ThecompanyfollowedthroughwiththisstrategytwoyearsagowithitlaunchingNorthCoast'sCoast82.Additionally,itispoisedtolaunchtwoprojectsWestCairo,accordingtochiefExecutiveAmeenSerag.
HydeParkDevelopmentsobtainedtwoplotsof31and69acresatthe6thofOctoberCity's
EasternExpansionsatauctionfromNUCA,makinggoodonitsnewly-foundexpansionpolicy.
"ThecompanywillstarttobuildTawnyprojectonplotof31acreswhileinjectinginitial
investmentsworthEGP2bnintoitsfirstphase."
WhilebeingeasilyaccissiblefromAl-GizeraClub,Theprojectislocatedinaprimelocationinsidethe6thofOctoberCiyonallmain
roadsincluding26JulyCorridorandCairo-AlexandriaDesertRoadandWahatRoad.
Theprojectwaslicensedbythepertinentministerialdecreeandwillbeputputforsalethismonth,asthreeleadingconsultingbureaushavebeenpickedandthegeneralconsultantisexpectedto
bechosenwithindays.
Theprojectincludeunitsdesignsasdiverseasstand-alonevillas,twinandtownhouse,asHydeParkissettolaunchthenewproductofQuads-villa, agroupofprivacy-protectedvillaswithinoneblock.
Tawnyconsistswith216villaswithvariedspacesrangingfrom240to288sqmwiththeaimofcateringtoallneedsandtastesofclientswithoutinfringinguponthe20%limitsetforthebuilt-upareas.
Theproject,expectedtobedeliveredin2024,willincluderestaurantsandcaffeeswhosebrands
willbeculledtomakesuretheyrenderupscaleservicesandaddvaluetothewholearea.
Whileoriginallyplanningtolaunchtheprojectearlynextyear,HydeParkDevelopmentsdecided
tokickitofflatethisyear,heexplained.
Lateron,thecompanywilllaunchitssecondprojectovera 69acresplotwhichwillbe
comprisedofresidentialunits,andmaybeaschoolandahospital,heelaborated.
Inthefaceofcoronavirusinducedeconomicramifications,considerableimprovementstook
theshapeofrising
sales,reflectingthestaminaoftheEgyptianpropertymarketwhichmayevenrebound
inthemonthstocome.
Afterbeinghaltedshortlyinthelockdownperiod,constructionsarenowunderwayunabated.
Hence, "WeexpectworktoreturntonormalnextFebruaryatfullcapacity.'
"ThecompanyinjectedEGP1.2bnintoFifthSettlements'HydeParkoutofatotalofEGP3bn
investmentstargetedfor2020."
Additionally,itpostedEGP2.6bnsalesoutofthisyear'scontractualsalestargets.
Withexpansionsandconstructionsfinancedbythecompany'sself-generetedfund,HydeParkDevelopmentsmaytakeoutloansworthEGP1.5bnthismonthfrom
fourleadingbanksincludingtheHousingandDevelopmentBank.
ThesefundswillbefunneledintoconstructionworksattheFifthSettlements'HydeParkandthe
6thofOctoberCity'sTawny,henoted.
TheFifthSettlements'HydePark,thecompany'sforemostproject,sawtheconstructionand
finishingof500units,hesaid,expectingupto400residentstostartlivingthereandtheir
numberstomultiplyto1000 earlynextyear.
Thecompanysoughttoincentizeclientstofinishtheirhousingunitsasquicklyaspossiblethroughfloatinginstallmentsschemesinlinewithinnovativepaymentpatternsinclusiveofvarious
facilities,heelaborated.
Withthecompletionof65%oftheproject,HydeParkconsistsof20,000housingunits,allofthemarescheduledtobedeliveredby2030.
TheprojectsawtheinjectionofuptoEGP30bninvestmentoutofatotalofEGP40bn,hesaid,
addingthatthefirstphaseoftheproject'scentralparkspreadingover600acresisscheduledtobefinalizedinJune 2021.
HydeParkDevelopmentsseekstoincorporatesubsidiariesprovidingmaintenanceservicesto
HydeParkprojects,andtospecializealsoinsecurityandagriculture,etc.
Also,FindersRealEstateMarketingwasfoundedtopromoteHydeParkProjectsandotherreal
estatecompaniesandtoenterintopartnershipagreementswithothercompaniesstrugglingto
accomplishtheirownventures.
