Essam Abu Hamed, Chairman of Hyde Park Properties for Development, said EGP 50 million will be added to Hyde Park’s loan which is valued at EGP 1.2 billion within the coming 4 months provided by one of the 6 loan arrangers.
He explained that the first phase of the project shall be completed by the end of 2013 whilst the whole 5 phases of the project shall be concluded by 2019.
Mr. Abu Hamed further pointed out that in 2012, 181 housing units have been delivered. He assured that the loan is in the interest of Hyde Park Properties for Development.
Recently, Hyde Park Properties for Development has signed a settlement agreement with the Egyptian New Urban Communities Authority (NUCA). He added that the company is allocated part of the syndicated loan to pay the due premiums for NUCA as well as financing the first phase of the company’s Project -Garden Heights’ in New Cairo.