OMR10 million project to facilitate students with affordable accommodation

Muscat: Foundation stone for an OMR10 million project to facilitate students with affordable accommodation and cater to their needs was laid in Muscat on Tuesday.
Initiated by one of the leading real estate investment companies in Oman, BBH Group, the laying of the foundation stone for Al Farahidi Complex was held under the patronage of His Excellency Dr Abdullah bin Mohammed Al Sarmi, Minister of Higher Education.
The project aims to provide university and college students with suitable housing units due to its prime location on the Muscat highway near Sultan Qaboos University (SQU) and many private university colleges in the Knowledge Oasis Muscat (KOM) and other areas in Muscat Governorate.
Talking to Times of Oman, Al Sarmi said that the project holds a very important location and will attract many students.
“This is a very important project as it is in the middle of so many higher education institutions where we have thousands of students who might be searching for such accommodations. And definitely with the safety and services this accommodation provides, and the elements it has, will absolutely attract the students to live here,” said Al Sarmi.
Dr Khalid bin Salim Al Matani, Chairman of BBH Group also continued saying that the will offer students with great convenience in terms of commuting to and from the higher education institutions in the vicinity.
“This project is in Al Khoud and close to institutions like SQU and KOM which will allow students to commute to their respective institutions, and at the same time will let them stay close to other areas of the city. Al Farahidi Complex is built on an easily accessible location which is the Muscat Expressway that will also allow students to connect to cities like Sur, Sohar and others,” Al Matani said.
With the plan to be completed in 15 months, Al-Farahidi complex is built on an area of 54,000 square meters and consists of 11 floors. It will have two blocks with 256 residential units offering 500 rooms as well as a commercial centre consisting of three floors.
“The apartment for students will have three bedrooms with a big shared hall – all fully furnished – with a monthly rent of OMR80 per bedroom. It will have all the facilities and services the student needs including restaurants, cafes, hobbies, library, cleaning, security and many more.
“As there are three commercial floors in the building, I have allocated the second floor as the garden and farm for students which they can utilize for reading and studying during winters. In addition to that, there will be a huge bowling centre and cinema in the project that will provide a great means of entertainment,” Al Matani said.
He added that he is also offering a free transport service for the first-year students to and from their educational institutions.
Al Matani said that locals who are looking for an investment opportunity, the project is offering a 13 per cent net profit.
“We are offering a great opportunity for those looking to purchase the flat or as an investment at 13 per cent net profit. For example, a flat with two-bedroom and a hall will cost OMR26000 only,” the chairman of the group said.