SIAC wins main contract for Park Avenue mall

DAMAC is expanding its portfolio in North Africa.

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Egyptian contractor SIAC has been awarded the main contract by DAMAC Properties to construct the first phase of a shopping mall in Cairo.

The mall, called ‘Park Avenue’, will be situated at the gateway to the Hyde Park residential development and will be one of the biggest malls in the region, with more than 1,700 shops.

Phase one, of three, will see SIAC will construct 309 retail units over a built up area of 29,206m².

Dubai-based 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 the French-style Centre Ville apartments. Park Avenue will overlook a lush central public park, and will be accessible via arterial highways.

The developer is seeking to expand its portfolio further into North Africa and the Levant region, according to general manager Ziad El Chaar in an interview with Construction Week in July.

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This includes the launch in July of DAMAC Tower, its first project in the Solidere area of Beirut, Lebanon. In the last ten months the developer has awarded 20 projects – discluding today’s announcement - worth US $3.76 billion, many of them from developments layunched in 2007 and 2008.

SIAC is a general contractor that has worked on projects across sectors, including buildings, hospitals and infrastructure work, as well as power plants and petrochemical hubs. It is part of SIAC Group, a conglomerate that includes business lines in energy, development

The company has been rated ‘first class’ by the Egyptian Federation for Construction and Building Contractors.

DAMAC has so far declined to disclose the value of the contract.