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Building to begin on Shard of Glass

by Elsa Baxter on Feb 25, 2009

Construction work is to begin next month on London's US $2.9 billion (£2 billion) Shard of Glass tower, the Qatari consortium behind the project has announced.

Developer LBQ has signed a $576 million deal with Mace Group and all the necessary demolition work has been completed for the 310m high tower - Europe's tallest mixed-use building

“The investors in LBQ have great confidence that the Shard will be completed on schedule in what are very difficult economic conditions,” Salah Mohamed Jaidah, LBQ’s chairman, said.

"We are very pleased to have reached the stage where everybody has the confidence to move this project forward in such a strong manner.”

The project, officially called London Bridge Quarter, has been suffered funding problems and had to be rescued by Qatari Diar in December when it paid an undisclosed sum to keep the scheme on track.

The tower's first phase of construction - the Shard - is due to be completed by 2012. The contract to build the smaller tower alongside is currently being prepared and construction of this is expected to be completed by the third quarter of 2012.