Hyde Park Developments revealed it has opened the Hyde Park clubhouse and signed a contract with Blue Ribbon Group to design a master plan for the development’s 168,000 sqm sports club. It is scheduled to begin construction work on the club in the first quarter (Q1) of 2021, CEO Amin Serag told Daily News Egypt.
Serag added that the company has launched a 117,000 sqm Business District inside the Hyde Park development, with total investments worth EGP 6bn. The Business District comprises administrative buildings with office spaces starting from areas of 54 sqm, and includes a garage with a capacity of 4,000 cars.
Serag sat down with Daily News Egypt to elaborate more on the company’s plans and developments.
Can you update us on the Hyde Park development?
The Hyde Park project is situated on 6m sqm in the Fifth Settlement, New Cairo, and is being developed over eight different phases to have a total of 20,000 units. The development is mixed-use, and comprises residential units, offices, commercial units, and an entertainment and services area. The project is planned to be fully delivered by 2030.
During the last period, Hyde Park has focused on developing the residential part of the Hyde Park development. The company has intensified its work on services in the project, namely beginning construction works in the first phase of the project’s central park spanning over 105,000 sqm, with investments exceeding EGP 500m. The company has contracted with American SWA to design the park.
Moreover, Hyde Park plans to begin planting the park in Q2 of next year. Last month, the company opened the mosque with the participation of Sheikh Ali Gomaa, the former Grand Mufti of Egypt.
The company also has opened the Hyde Park clubhouse and signed a contract with Blue Ribbon Group to design a masterplan for the development’s 168,000 sqm sports club. It is scheduled to begin construction work on the club in Q1 of 2021.
Hyde Park has completed the first phase of Hyde Out, the entertainment area of the project, on 33,000 sqm and encompasses cafes, a food court, and a children’s entertainment area. The first phase of Hyde Out will start operating before the end of the current year.
Over and beyond this, Hyde Park has launched a 117,000 sqm Business District inside the Hyde Park development, with investments worth EGP 6bn. The Business District comprises administrative buildings with office spaces starting from 54 sqm, and includes a 4,000-car garage.
What new projects is the company developing?
The company is currently launching the Tawny project, in the most distinguished area in the heart of 6th of October city, west Cairo, with the project’s first phase expected to bring in EGP 2bn in sales.
Spanning over 31 feddans, Tawny is comprised of 216 villas of various areas, ranging between 240 sqm and 288 sqm, representing a built up area of 20% of the total project’s area. The company intends to deliver the project in 2024.
Tawny’s architecture style is modern to best suit our clients taste. Attention will be given to creating green spaces for all units, aimed at their owners’ enjoyment. The company provides payment plans over 6 to 10 years, with unit prices starting at EGP 5m.
Along with, Peaksville villas located in Hyde Park New Cairo with its breathtaking landscapes and variety of prime mixed villas designed to satisfy our client’s needs. Featuring smart spaces with scenic backdrops overlooking the biggest park in Egypt, Peaksville villas have flexible payment plans with only 10% down payment and 9-year instalment plan.
Can you tell us more about the Founders company?
Founders is owned by Hyde Park Developments, and is specialised in cooperating with other developers and investors rather than buying lands for development purposes. It operates as a consultant specialised in sales and real estate marketing for others, with a capital of around EGP 500m. Additionally, the company provides services of marketing, sales, construction, and management.
Founders has contracted with the National Bank of Egypt (NBE) and Banque Misr on a ready-to-deliver project comprising 20,000 units with spaces of up to 120 sqm per unit located in Nasr City. In addition, the company will begin marketing the project in mid-November, with EGP 25bn in expected sales.
Furthermore, Founders is currently handling two more projects, which will both be developed and marketed similarly.
What is the size of the company’s land bank?
The company owns approximately 7m sqm, with 62% of the total land bank currently being developed. The rest of our lands will be fully developed by 2026. The expected investments allocated for the Hyde Park New Cairo project is estimated at EGP 40bn.
What is the value of achieved sales in 2020, and the value of expected sales in Q4?
Hyde Park has recorded EGP 2.7bn in sales during the first nine months of 2020, and expects to achieve EGP 1.3bn of sales in Q4. We have recorded sales of EGP 3.8bn by the end of 2019 out of EGP 4bn of sales planned for this year.
You announced that the company is currently negotiating with a number of Egyptian banks to acquire an EGP 1.5bn loan. Did you get the loan?
We are in the final phase of the process to obtain the loan from a consortium of four Egyptian banks, and expect to receive the loan before the end of the current year.
What is the company’s delivery plan?
Hyde Park has delivered 200 units in Q1 of 2020, and 165 units in Q2 of the same year. We propose to deliver a total of 900 units by the end of the year. Moreover, the company has delivered a total of 1,911 units in Hyde Park New Cairo, and 1,704 are being finished to be delivered in the coming period. More than 400 families live inside the compound.
How much has the development of the technological infrastructure inside Hyde Park project cost?
We have contracted to connect and develop an integrated internet network inside the Hyde Park compound at an initial estimated cost of EGP 30m for the first phase. The other phases of this service may cost up to EGP 200m.
The company announced its participation in the Cityscape Egypt exhibition. Which offers and products will be exhibited?
The company will showcase Hyde Park project and Tawny, which is being offered for the first time inside the exhibition, with affordable prices and payment plans for up to 10 years. Customers will also be able to make use of a 5% down-payment, along with discounts on cash payment.
