Egypt’s Hyde Park Developments has started sanitization of all its units free of charge as well as its offices and sales centers, Invest-Gate reports.
“After the Coronavirus (Covid-19) outbreak, we have been closely following the news about the current situation and the recommendations of the government, especially the Egyptian Ministry of Health, as well as the World Health Organization (WHO),” the company in a March 19 note to Invest-Gate
The company said its construction works have not been effected as “we have been always providing our team with all aspects of safety and security measurements.
Despite cancelation of Cityscape Egypt real estate exhibition which was planned to be held from March 18 to 21, all real estate developers including Hyde Park agreed to proceed with the same offers planned for such period, coming in line with the chamber of real estate development’s initiative to support the local market, the note added.
Hyde Park is still offering a ten-year installment plan, while planning to launch soon its new project, Hyde Park 6th of October.
Although it is still not clear when this all will end, the Egyptian real estate market will not be effected on a large scale as the industry’s biggest share of sales is mainly led by local demand.
On an international and regional scale, the local industry is still taking its initial steps toward real estate export, and thus the expected slow in foreign demand will not have a long-term impact on developers, the property developer elucidated.
In late 2018, the company announced plans to invest EGP 4 bn in two mega projects, namely Hyde Park in New Cairo and Coast 82 in the North Coast.