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Some news outlets have picked up on a British Land financial statement this morning that reveals that it will cost only 拢159m to complete the landmark City of London project. With groundworks nearly complete and work on the main building contract set to start by Laing O鈥橰ourke next month, excited reporters jumped to the conclusion that the initial main contract estimate of 拢290m must have been drastically cut by fierce bidding, with 鈥渕illions shaved off鈥�.

In fact, British Land has confirmed to 海角社区app that the 拢159m figure applies only to its 50% share in the project. With its project partner Oxford Properties also facing 拢159m of further costs, the total sum outstanding is actually 拢318m. The bulk of this can be accounted for by Laing O鈥橰ourke鈥檚 contract 鈥� the precise value of which has still not been disclosed.

However, British Land did say that the construction contracts was 鈥渁greed on favourable terms鈥� in regard to both budget and timeframe.

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