Egyptian developer Hyde Park Properties for Development Company (HPD) has appointed a group of local contractors for work on its Hyde Park New Cairo project.
According to a company statement the group of contractors includes Hassan Allam Construction, Misr Engineering Development Company (MEDCOM), Modern Construction Company (MCC), Hirmas, and Concrete Plus for Engineering and Construction.
The value of the contract is understood to be approximately $90m, and the appointed firms will work on 300 housing units at the residential project in the New Cairo area.
Earlier this year, HPD announced plans for two major projects across the country.
The companys new $830m investment plans, which were announced during a conference in Cairo in April, comprises of a resort project in the North Coast area and the second phase of one of its largest projects.
The company spokesperson told MEED at the conference that HPD is launching the second phase of its Park Corner project in New Cairo and a major touristic resort in the North Coast are
New Cairo opportunities
New Cairo is currently the biggest real estate opportunity for contractors working in Egypt. A backlog caused by delayed projects in the past few years has meant that local and international developers are pressing ahead with a large number of schemes in the area to compliment existing residential and commercial developments.
Over the past few years the New Cairo area has transformed into an affluent business and residential community. It has become attractive for middle class families looking to leave busy central areas in Cairo.
A number of local and international developers have told MEED in recent weeks that New Cairo remains the major focus area for real estate companies. The New Capital City is also identified as another opportunity area although no major private real estate schemes have been planned, with the authorities receiving little interest from international companies.
Contractors also see New Cairo as an opportunity to work with private real estate companies instead of working on government housing and infrastructure schemes. Read more.