Hyde Park launches EGP 15 bn residential projects
Hyde Park is launching two residential projects in New Cairo and on the North Coast worth a combined EGP 15 bn, the company announced at the CityScape Egypt real estate conference on Friday, Al Borsa reports. The company has begun taking orders for the second phase of Park Corner, part of the EGP 35 bn Hyde Park development in New Cairo.
Also coming out of the conference, Fawaz Al Hokair Group’s plan to invest EGP 15 bn in Egypt over the next four years will include an EGP 3 bn mall in New Cairo scheduled for delivery in 2020, Chief Business Development Officer at subsidiary Marakez for Real Estate Investment Ashraf Farid tells Al Mal. Farid says the investments will also include an EGP 2 bn solar power plant in Aswan under the feed-in tariff phase one program. A residential project next to Mall of Arabia worth EGP 1.2 bn is also under way and expected to be completed within four years. Farid added that Mall of Arabia’s EGP 1 bn second phase will be ready in September.
This comes as Misr Italia signed a cooperation agreement with Hilton Hotels to manage a Hilton Garden Inn at Misr Italia’s Cairo Business Park in New Cairo, according to Al Borsa.