Coast 82 North Coast Hyde Park
Coast 82 North Coast Hyde Park Siraj: pumping 15 billion pounds investments in the market 2017 and studying several projects
Hyde Park launched the 82nd Coastal Coast project in addition to the second phase of the Park Corner project in Hyde Park, New Cairo, with a total investment of LE 15 billion.
The company is taking its first steps in residential tourism investment through the launch of the Coast 82 project on the northern coast in Kilo 82, which covers an area of 1 million square meters with a total investment of 12.5 billion pounds.
He added that the project includes about 500 villas and 600 chalets, as well as commercial areas and a large hotel, and the project features a sea front that extends over 550 meters.
The project is part of the company’s plan to develop residential and tourist real estate projects. Hyde Park is also working on its expansion plan to acquire more land in 2017 in a number of diverse areas.
Siraj added that Hyde Park also launched in conjunction with Cityscape, the second phase of the Park Park project in Hyde Park, New Cairo, with an investment value of 3 billion pounds and an area of 235 thousand square meters, and the total number of units about 1000 units, The project services include a sports club and large green spaces. The units will be delivered after 3 years from the date of the contract.
Siraj said that Hyde Park also plans to launch the first phase of the Central Park in the second half of this year, in addition to part of the administrative offices, as well as the implementation of the social club project, and the announcement of the first school of the two schools scheduled Implementation of the project.
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Ameen Siraj, Chief Executive Officer of Hyde Park Real Estate Development Company, said that the company’s board of directors approved the implementation of 4 new projects within its expansion plan in the coming period. The company’s current project, Hyde Park, will be completed. In addition to negotiating new land in October, Sheikh Zayed, Hurghada or Ain Sokhna.
He explained that the company seeks in 2017 out of the framework of the implementation of one project in the year, is to implement a new project in the northern coast on an area of 225 acres, and investments exceeding the 12.5 billion pounds, and the project will be announced during the current Cityscape, It is implemented in partnership with a private sector developer who owns the plot.
Siraj pointed out that the company is interested in the land and projects of partnership with the public sector, and is looking forward to the second phase of them, pointing out that the company had withdrawn 3 booklets of conditions from the new administrative land soon after they put the areas of 100, 150 and 200 acres.
He pointed out that the capital’s new lands will be a new outlet for capital funds, in light of the scarcity of land characteristic and attractive to investors.
He pointed out that the company is considering entering into the implementation of projects for the average housing segment in the future in cities and governorates outside the framework of Greater Cairo. He pointed out that there are governorates that have real demand and investment opportunities, including Damietta and Mansoura, although the latter is characterized by high land prices, Fifth.
He said that in 2016, the company completed the re-planning of the masterplan for its Hyde Park project in the fifth assembly, in cooperation with Engelsi office, to become the stages of implementation of the project 8 instead of 6 stages, and to suit the planning with the market changes and customer requirements at the present time, Including the «smart buildings», and is going to decide on a tender between 3 companies specialized in the type of buildings, and the areas of units were reduced to new stages to suit the requirements of price customers at the current stage, noting that the master plan of the project was prepared in 2006 and 2008.
He explained that the company has extended the repayment period in the new phase to reach 8 years; to facilitate the customers, especially after the recent price increases due to the floating and high prices of building materials, noting that the company raised the prices of units of its project «Hyde Park» by 12% after the flotation.
He stressed that the decision to float a reform decision basically will achieve many of the positive effects of the Egyptian economy in the long term.
He pointed out that the company achieved good sales during the last year, especially during the last half of the year, with a total sales of 3 billion pounds, while targeting only 2 billion pounds, noting that the volume of sales in 2017 may range between 3 to 4 billion pounds , Especially with the opening of marketing in the project of the new North Coast.
He noted that the company has signed contracts for the implementation of phases of the Hyde Park project worth 1.3 billion pounds so far, and is expected to reach the value of signed contracts to 2 billion pounds by the end of 2017.
The company has recently signed two contracts, the first with the Hassan Allam Sons Company for construction and construction for the implementation of 30 buildings, with a total of 500 million pounds, the implementation period of 21 months, the other contract with Metco for the implementation of 109 units divided into 35 villas, 74 apartments, worth 200 million pounds, 12 months.
Siraj said that the company follows contracting contracts in close proximity to FIDIC guarantees the rights of contractors and the company alike, if the prices of building materials have increased or decreased; to ensure continuity of the project at the specified rates and the absence of any future problems.
He pointed out that the company has so far developed 40% of the Hyde Park project. The project will be completed by the end of 2024 and will be built on 6 million square meters in the fifth assembly. The total investment will exceed 35 billion pounds and includes 23 thousand units in different areas.
He added that there are 7 other contractors working in the project, including the «modern construction» and »Concrete», pointing out that the company is working hard to deliver units to customers, and is scheduled to hand over about 300 units this year, and plans to employ 200 houses by the end of the year, 170 houses are currently being completed in different stages, and 7 units have been recently occupied.
He pointed out that the Park Corner phase launched by the company in September 2016 was fully sold, in less than 30 days, reflecting the confidence of the company’s customers and its new management.
He pointed out that the company has gone through many stages since the owner changed from DAMAC Development and the acquisition of 60% of its shares in 2009 by the Egyptian Arab Housing, Real Estate and Investment Holding Company and the Holding Company for Investment and Construction, transforming the company into Hyde Park and then entering the Urban Communities Authority as a major shareholder in 2013. The company has reached an agreement with the customers that were delayed in the delivery of the units, which does not exceed the number of 300 customers, and will be delivered units during 2017 and 2018.