Egypt-based Pyramids Developments has commenced drilling works at its new project, Grand Square Mall, the first commercial administrative medical mall in the New Administrative Capital’s (NAC) Central Business District (CBD), Invest-Gate reports.

Chairman of Pyramids Developments Hesham Elkhouly said the mall, with an estimated investment value of EGP 750 mn, will be fully completed and delivered by the end of 2020, pursuant to the timeframes set by the Administrative Capital for Urban Development (ACUD) – NAC’s master developer, he revealed during a media tour at the mall’s site on January 13.

“[Grand Square Mall] is considered the third project for Pyramids Developments in NAC, as we have a belief in the feasibility of investment in this giant national project, as NAC is the first integrated smart city on the land of Egypt,” Elkhouly noted.

Inspired by modern French art and design, the mall comprises seven floors for mixed-use purposes; the first and second floors are allocated for shops, the third for medical clinics, the fourth and fifth for administrative offices, while the sixth and seventh are for the development of a hotel, the chairman elaborated.

It is distinguished by its unique location in CBD, located directly in front of the presidential palace, cabinet, government district, and next to the parliament’s building. Moreover, it will be surrounded by several universities and entertainment venues, which the company expects to double the investment value of the venture, according to Elkhouly.

He added that Pyramids Development provides facilities and various payment systems, with installment plans reaching up to seven years and a 10% down payment of the unit’s total value.

Meanwhile, Elkhouly has also revealed that the property developer targets EGP 2.5 bn of sales during 2019 from its distinct projects across Egypt.