Egypt’s Hyde Park launches Serenity 2 with $63mln-expected Revenues

Hyde Park Properties for Development launches Serenity 2, a new project encompassing 150 housing units, with expected revenues of EGP 500mln (US$63 million), Executive Manager Maged Salah Eldin said Thursday.

The company has finished promoting 50 unites of the project in a short time, the official stated.

Salah Eldin said that his firm targets obtaining sales volume of 1.5 billion Egyptian pounds at the end of 2015, meanwhile it has achieved sales volume of 800million Egyptian pounds till the middle of June 2015.

The project’s is to be established on the space of 6 million metres, the Chairman stated.

The New Urban Communities Authority (NUCA) is utilizing the project according to the agreed up schedules, Salah Eldin asserted, expecting NUCA to finish utilizing the project at the end of 2015.

Hyde Park Properties for Development was established in 2007, as a private residential, leisure and commercial developer in Egypt.

NUCA owns 17.78% of company’s shares after signing the strategic partnership with it after the completion of final settlement with UAE, DAMAC properties group

Moreover, Housing and Development Bank (HDB), Egyptian Arab Land Bank and El-Nasr Company for housing and development own 82.22% of Hyde Park Prosperities’ shares