US$1.1bn Adventure City safari and theme park development plan submitted to Egyptian government
Plans for a development in Egypt, which were derailed by the Revolution in 2011, are back on track according to one of the key players behind the US$1.1bn (€1bn, £738m) safari, theme park and hotel development near Cairo.
A consortium made up of Egypt-based 300 Years History, Canada’s Maple Leaf, South Africa’s Glen Afric, Italian Pinfari and Chipperfield Companies Group, is behind the proposal, which has been submitted to the Egyptian Housing Ministry for approval.
The Adventure City plan is the brainchild of Dr Tariq Bahgat, chair and CEO of 300 Years History, who has been working with consortium partner Chipperfield since 2009 on the project.
“Back in 2009 [Bahgat] contacted me to go to Egypt and look into what it would take to get the project started and since then it has progressed significantly,” said Chipperfield Companies Group managing director, John Chipperfield, speaking exclusively to CLAD.
“We were making great progress and then the political situation changed in Egypt with the revolution. Now the country is getting back into its stride, Bahgat]has resurrected the project, working for the last year to form the consortium and develop the plans.”
The proposed development – in 6th of October City, Cairo – will cover 4.2sq km (1.6sq m) and will take five years to build. According to Chipperfield, the Egyptian government will take up a 22 per cent stake in the project, handing over the land required for development.
The land deal represents a 10-year US$239m (€219m, £160.3m) loan, with the government anticipating a return after three years of operation.
The first phase of development comes at a cost of US$150m (€137.9m, £100.6m) and will include the safari park, theme park, a zoo and a shopping mall.
“The funding for the first phase of development is in place,” added Chipperfield. “There are also agreed commitments for ongoing funding after Phase 1.”
Once open, the park will be 1.68sq km (0.65sq m) in size, with further expansion taking place over a period of five years. The consortium’s masterplan includes an African-themed five-star hotel to be managed by Glen Afric, further retail outlets, a film studio and residential real estate, as well as room for further expansion of the safari park and theme park.
Chipperfield will operate as the leisure developer for the project, while Maple Leaf will undertake the development of the shopping mall and hotel. South Africa-based Seanton Thompson will work on the project’s environmental impact and Pinfari will make bespoke rides for the theme park.
“6th of October City is an area of new development in New Cairo which is expanding at a fast pace,” said Chipperfield. “All the new developments are happening there and this will be a significanat development project within that area. Our plan includes residential real estate, which is much in demand in New Cairo.”
The consortium expects to have approval for the project within a month and work is expected to start on-site start within 18 months. Architects have been apppointed, but not yet named.
“The government is keen to have projects of this kind in Egypt, because of all the problems that occurred in the wake of the Egyptian revolution in 2011,” said Chipperfield.
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