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Egyptian developer LMD is planning to deliver the Business Quarter of its 33 billion Egyptian pound ($2.1 billion) One Ninety mixed-use development in New Cairo next year, the company CEO said.
Amr Sultan told Zawya Projects that the 11-billion-pound ($700 million) Business Quarter, master planned on four interconnected plots, A, B, C and D representing a total land area of 94,298 square metres, would offer high-grade office spaces.
“We chose a location with a monorail station exclusive for One Ninety to make the Business Quarter as accessible as possible for customers and clients,” he said.
He added that the Business Quarter is scheduled to be completed by the fourth quarter of 2022 while the entire One Ninety would be completed by 2024.
Sultan said Plot A would have four 5-storey buildings, which includes one for the Arab International Bank (AIB); Plot D will have 10 buildings; B will have 5 buildings while C will have 3 buildings.
"The Egyptian Gulf Bank (EG Bank) has given us a 1.5-billion-pound loan ($95.5 million) to complete construction on schedule," he said.
“We collaborated with SOM for design and master planning and Hill International for project management,” he said.
The development also includes branded residences - W Residences Cairo and St Regis Residences; hotels – W Cairo and Aloft; Urban Park and Retail Pavilion and a car-free street - Avenue 190 - modelled on the UK’s Oxford Street.
LMD has developed projects in the UAE and Spain, apart from its home market of Egypt.
(1 US Dollar = 15.71 Egyptian Pounds)
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
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