North Coast needs some services, such as year-round access to supermarkets, cafes, restaurants, and other services, Amin Serag, the CEO of Hyde Park Properties for Development told Daily News Egypt.
What is the size of investment in the company’s projects in the North Coast?
Coast 82 is Hyde Park Developments’ flagship project in the North Coast and the latest addition to their real estate portfolio. Located on the Kilo 82 of the Alexandria-Matruh Desert Road and only 2 km away from the Fouka Road, the project comes with an investment cost of EGP 12.5bn.
How many residential units are there, and what are the sizes?
The project spans over an area of 1.1 million sqm and embraces an oasis valley concept, with a private beach front of 550 metres. Coast 82 has a total of 1,200 units, which offer a variety of homes: luxurious villas that are classified into large (from 650 sqm), medium (from 370 sqm), small (from 240 sqm), and twin (from 225sqm); and chalets are categorised into prime (from 185 sqm) and standard (from 157 sqm) and apartments (both north and south facing) all of which are set to cater to all our clients’ diverse needs. In addition, the project also offers a luxury 5-star hotel and beach clubhouse with luscious parks, green valleys, and breathtaking lagoons spotted throughout the project.
What is the value of construction contracts for the company in 2017?
Reaffirming its commitment to the real estate market in Egypt, Hyde Park Developments signed contracts worth EGP 1.6bn with leading construction companies. The contracts include EGP 280m for infrastructure, EGP 800m for construction, in addition to EGP 600m more to be assigned in the coming months. The purpose of these investments is to execute and finish the construction of all the project’s units and deliver them to clients 6 to 12 months ahead of the set delivery dates, in order to gain clients’ trust.
What is the updates regarding the second phase of Park Corner? When will the company open booking for the new phases?
Hyde Park Developments launched the second phase of Park Corner, in conjunction with Cityscape’s exhibition this year. With an investment cost of EGP 3bn, the second phase spans over an area of 235,000 sqm, with a total number of 1,000 units. The new phase of Park Corner will be launched within the fourth quarter of the current year.
How do you see the real estate market after the flotation and after raising the interest rate, fuel prices, and raw materials?
Certainly, the real-estate market has faced unprecedented challenges during recent years, especially following the devaluation of the Egyptian pound, which subsequently affected prices across all sectors, including raw materials. However, despite the fluctuated economy and its ups and downs, as well as all the recent market changes, the value of the real estate has proven to be very stable over the years and the demand for housing in Egypt remains huge, as it is mainly fueled by the fast-growing population and the constant increase in newlyweds looking for a new home as well as being a safe investment wallet.
What is the value of the investments implemented by the company in its projects since the beginning of the year?
We have pumped EGP 15bn worth of investments in 2017 alone, through the second phase of Hyde Park New Cairo and Coast 82. Hyde Park is also planning to kick off part of the administrative buildings, clubhouse, and first international school within the Hyde Park New Cairo project during the coming period.
What are the services and facilities needed to develop the North Coast area to be eligible for being first home sites?
First, year round access to supermarkets, cafes, restaurants, and other services would be needed. Additionally, facilities such as hospitals and schools would also be essential to sustain the day-to-day living requirements of families.