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Tuesday, 19 January 2021

A handful of updates

There’s plenty of real estate news this morning:

  • Al Ahly Sabbour Developments and Hyde Park Developments subsidiary Founders have launched their EGP 26 bn Gardenia City project on the Suez and Ring Roads, Al Mal reports. The project spans 513 feddans and will include 19.5k homes.
  • Hilton signed a management agreement (pdf) with Leopard Construction for the third Hilton Garden Inn hotel in Egypt, which is scheduled to open in 2024.
  • Heliopolis Housing will offer two plots of 270 feddans in New Heliopolis in a public auction on 15 February.
  • The borders of New Cairo and Shorouk City have also been redefined according to a Housing Ministry decree that sets the northernmost border of the former and the southernmost border of the latter as the Cairo-Suez road.
  • The New Urban Communities Authority has temporarily suspended all real estate auctions in new cities as a precautionary measure to prevent gatherings in light of covid-19, according to a cabinet statement.

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