DAMAC Properties has awarded the main construction contract for the first phase of its exclusive shopping mall project 'Park Avenue' at New Cairo.
Industrial construction and engineering company SIAC will begin works on 'Park Avenue,' which is at the gateway to the Hyde Park residential development. SIAC has been rated first class by the Egyptian Federation for Construction and Building Contractors. "This milestone further displays DAMAC's commitment to deliver luxury by partnering with a prominent quality main contractor such as SIAC" said Alaa Ayoub, CEO of DAMAC Properties for Development.
Park Avenue will be a high-end retail destination, and among the biggest in the Middle East, with over 1700 shops at New Cairo. "It will be a relaxing and indulgent experience for shoppers, as they browse the designer brands" said Mr Ayoub.
DAMAC is the master developer for the entire project at New Cairo, which includes the Park Avenue Shopping district, luxury villas at Hyde Park and a touch of Paris at the French architecturally inspired Centre Ville apartments. Park Avenue will overlook a lush central public park, and will be easily accessible via arterial highways.
The project will be developed in three phases. As part of phase one, SIAC will construct 309 retail units over a built up area of 29,206sqm.