Egypt’s Hyde Park Properties for Development has posted contractual sales of EGP 730 million (US$956 thousand) during the first five months of the current year. The company is aiming at reaching EGP 1.5 billion by the end of 2015.
Maged Salah Eldin, Hyde Park Chief Development Officer, noted that the market indicators have flourished during the the current year, especially after holding the Egyptian Economic Development conference last March in Sharm El Sheikh.
In addition, Housing ministry has provided different projects with partnership system. These steps will lead to creating thousand of direct and indirect job opportunities, stressing that the real estate sector will always pave the way to achieve high growth rates.
Hyde Park Properties for Development has achieved total sales of EGP one billion by the end of 2014, thus it has delivered 60 % of the targeted units. The land area is estimated by 6 million metres of which 2.3 million for buildings and the rest are green areas.
Salah further stated that the company has modified the designs of some of the units to suit the client’s demands after studying the market.
He further clarified that the company has delivered 900 units to the clients and 400 units are under construction. It will also deliver 350 units by the end of the year and the other phases will be completed during 4 years.
