National Mass Housing launches second phase of Areej residential project in Oman

Business Monday 06/March/2017 17:18 PM
By: Times News Service
National Mass Housing launches second phase of Areej residential project in Oman

Muscat: National Mass Housing on Monday launched the second phase of the Areej Residential Community project, which will have 69 affordable villas.
The OMR7 million-project will stretch over 30,000 square meters, and is conveniently located near the German University of Technology and is a 15-minitue drive from the Muscat International Airport.
Addressing the media, Rashid Saleem Al Masalti, chief executive officer of National Mass Housing, said the project is targeted at the middle income group, which constitutes a large segment of the population.
The first phase of the Areej Residential Community was completed and handed over to the buyers.
The architectural design of the villa project ensures all comfort, luxury and an enjoyable life for all residents. The project design combines modernity and originality. Each villa stretches over 237 square meters and has been equipped with a wide range of facilities, technology and internal design that provides the highest level of comfort and optimal use of space. All villas have spacious bedrooms, in-built kitchen cabinets, smart lighting for corridors and private parking.
The project has a mosque, spa, kids’ zone, park, swimming pool and eco-friendly green space. The average price of a villa is around OMR85,000 per unit.
The project, which started last year, will be completed in 2019.
Also, National Mass Housing will provide several facilities to potential buyers, which include interest-free instalments from the day of purchase to the project delivery date and a special discount for paying in cash with no instalments. The real-estate company has signed several agreements with a number of local banks to provide the necessary funds for individuals who wish to purchase a villa.
Established in 2008, National Mass Housing was founded by a group of committed stakeholders, including government pension funds, GCC (Gulf Cooperation Council) investors and high-net worth individuals. The company has a paid-up capital of OMR15 million, noted Al Masalti.