The construction of a fashionable business complex on the total area of over 70 hectares will be launched in the centre of Tashkent by the end of this year, Rosbalt quoted a source in khokimiat (city hall) of Uzbekistan’s capital.

Almazar residential area, occupied predominantly by private buildings, is located in an elite district of the city centre, about 500 meters away from the complex of the President’s Staff Office.

The source in the Tashkent city khokimiat said the area has been sold to the Uzbek-Korean Jisong Korea Industrial joint construction company. Permission was issued in November 2006 by the mayor of Tashkent. The business complex will be titled "New city". It is planned that construction will be completed by 2012.

High-rise business complex will include bank buildings, hotels, business centres, foreign company offices, recreation areas and a big lake and a park. The project has been approved by President Karimov.

It is estimated that the project budget will comprise some US$470 million. The source at the city hall emphasized that this is an initial estimation. The design of the business complex will be done by the world known designer architectural companies.

Over 2,800 families will be moved to different parts of the city for the launch of the project. For this purpose, Jisong Korea Industrial JV has already appropriated over US$40 million. It is estimated that the "New city" project will cover itself no sooner than in 10 years.