Pyramids Developments has uncovered that its mixed-use project in the New Administrative Capital (NAC), or “Grand Square Mall,” will be ready to be put up for operational lease by January 2021, Invest-Gate reports.
By rolling out this 7,800-square-meter complex, Pyramids Developments aims to introduce a new investment model that will replace the traditional framework of rental contracts with operating lease agreements, through which the lessee can rent the owned property to other parties, according to the company’s press release on November 18.
Coming at a total investment cost of EGP 750 mn, construction at Grand Square Mall commenced in March 2019. It will consist of seven floors, comprising an array of commercial, administrative, and medical units.
Besides, the Egypt-based developer revealed its 2021 investment plan, as it plans to launch a new project in El Galala City. It also intends to establish a residential/entertainment complex to incorporate artificial lakes, golf courses, and an electric train, the statement added.