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Hyde Park to offer new tenders to speed up construction process - Daily News Egypt

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Hyde Park to offer new tenders to speed up construction process

The company says it has received all the necessary licences for its project and will take legal action against those who aim to affect its interests

Hyde Park Properties for Development announced it would offer new tenders to speed up the construction and completion of its project’s units.

Mohamed Mustafa Hamouda, legal adviser for Hyde Park, told Daily News Egypt that the company has taken legal action against a number of people who tried to harm the interests of the company. He added that the company will file a lawsuit against another group of those people in the coming period.

The company said, in a statement issued a few days ago, that the company was recently exposed to a defamatory campaign via social networks by some people who claim that the company did not fulfil its obligations to its customers, asserting that the company is committed to all its contractual obligations.

Hamouda added that some people claimed that some customers who bought units from Hyde Park were negatively affected when the company affiliated itself with Dubai’s DAMAC Properties which sold the units without obtaining all the required licences and delayed the construction. He noted that after the ownership of the company had been transferred to Egyptian companies, Hyde Park obtained all the required licences, and pledged to commit to its obligations with the customers.

According to the statement, the company has filed a report No. 567 against some people who incited a protest in front of the company’s headquarters located in Fifth Settlement. The report was referred to the public prosecutor for investigation.

Hamouda claimed that such tendentious campaigns are intended to defame the company, in favour of personal interests in cooperation with some public employees.

Hyde Park Properties for Development was initially established under the name DAMAC Properties in 2007. Then in 2009, the Housing and Development Bank (HDB) and the Egyptian Arab Land Bank acquired 60% of the shares. Later in 2011, the company’s name was changed to Hyde Park Properties for Development after the two banks acquired 82.22% of the total shares. This was compounded by an increase in the company’s capital, and in May 2013, the New Urban Communities Authority (NUCA) presented itself as the strategic partner instead of DAMAC.

Hyde Park project was established on an area of ​​6m sqm in New Cairo, while the company has launched the Park Corner phase—a residential project, which was developed by a British company with new and varied products, on an area of ​​533,000 sqm. The new phase includes 205 villas and twin houses, 1,400 apartments, and 300 duplex units, with investments of EGP 5bn.

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