Hyde Park Acquires 415 Feddans in West Cairo with EGP 10 Billion Financing

Prime Minister Moustafa Madbouly witnessed the signing of an agreement for Hyde Park Developments to acquire a 415-feddan land plot east of the 6th of October City extensions in West Cairo, an area previously known as the Dreamland land, according to Daily News Egypt.

The signing took place during a ceremony at the government headquarters in the New Administrative Capital, with the participation of Banque Misr and the National Bank of Egypt. The agreement was signed by Amin Serag, CEO of Hyde Park, and Karam Salah, Chairman of the Egyptian Company for Real Estate Asset Management and Investment, which is owned by the two banks.

In the same context, economic reports noted that Banque Misr provided Founders Real Estate Marketing, a Hyde Park subsidiary, with EGP 10 billion in financing with a repayment period of up to eight years, supporting the execution of the project and the development and marketing of residential units in the area.

This marks Hyde Park's fourth project in West Cairo and its tenth nationwide, described by the company as its largest in West Cairo to date. Meanwhile, Minister of Housing Randa Al-Minshawi stated that the agreement resolves a long-standing issue regarding the Dreamland land.

What do these terms mean?

Feddan: A unit of area used in Egypt equal to approximately four thousand two hundred square meters, slightly less than half a hectare.

Real Estate Developer: A company that purchases land and builds residential and commercial projects on it, then sells its units to clients.

Corporate Real Estate Financing: A loan provided by banks to development companies to cover land acquisition and construction costs, repaid over a period spanning several years.