Hyde Park buys 415 feddans on the old Dreamland site in 6th of October
The developer signed for the plot with Al Ahly Bank and Banque Misr at the Cabinet on Monday, its largest West Cairo project so far.
Hyde Park Real Estate Development has signed contracts to buy a 415-feddan plot in the eastern expansions of 6th of October City, the land formerly known as the Dreamland site. Prime Minister Mostafa Madbouly witnessed the signing on Monday 12 October at the government headquarters in the New Capital, the Cabinet said.
The land was sold by the Egyptian Company for Real Estate Asset Management and Investment, which is owned by Al Ahly Bank and Banque Misr. Under the deal, Hyde Park will build, finance and market the homes on the site. The Cabinet said it will be the company's fourth project in West Cairo, its tenth overall and its largest in West Cairo so far.
Amin Siraj, Hyde Park's managing director, called the purchase a turning point in the company's growth. The price, the number of homes and the timetable were not announced.
For anyone watching West Cairo property, this is one of the largest single plots to change hands in 6th of October this year, next to existing compounds and the Dreamland area. Unit types, prices and a launch date have not been published yet: they will come from Hyde Park when sales open.