Hyde Park Acquires 415 Feddans of 'Dreamland' Land West of Cairo
Hyde Park signed an agreement to acquire 415 feddans in the eastern extensions of 6th of October City, the former site of 'Dreamland', with Prime Minister Moustafa Madbouly witnessing the signing.
Hyde Park Developments signed an agreement to acquire a 415-feddan plot of land in the eastern extensions of 6th of October City, west of Cairo, which previously housed the 'Dreamland' project. Prime Minister Moustafa Madbouly witnessed the agreement signing, according to Zawya citing Daily News Egypt.
Banque Misr and National Bank of Egypt are participating in the deal, providing the agreement with financial backing from two state-owned institutions.
Housing Minister Randa Al-Manshawy stated that the agreement resolves a long-standing issue concerning the location, opening the door for its redevelopment and re-entry into the real estate market.
The acquisition comes amidst active momentum in the Egyptian real estate market, as developers revive large land plots within new cities to build residential and commercial projects—a move of interest to buyers, investors, and Egypt's real estate sector alike.
What do these terms mean?
Feddan: A unit of land area measurement in Egypt. One feddan equals approximately 4,200 square meters, or about 0.42 hectares.
Acquisition: The purchase of an asset, land, or company, usually involving acquiring ownership or control in exchange for a sum of money.
Urban Extensions: New areas added to city boundaries to expand them and accommodate population growth and new projects.
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