Al Mina development launched in Oman, construction to start by year end

Oman Monday 20/March/2017 22:43 PM
By: Times News Service
Al Mina development launched in Oman, construction to start by year end

Muscat: Al Mina development, an Integrated Tourism Complex (ITC), which is a part of Barr Al Jissah, was launched on Monday.
“We are going to start the construction of Al Mina by the end of this year and it will be ready in two and a half years,” said Firas Matraji, chief executive officer of Barr Al Jissah.
“It is a development with these views,” Matraji said, pointing out to the beautiful Marina and waterfront that the Al Mina homes will overlook. The property also offers state-of-the-art facilities and quality accommodation that is new to the Oman market. “We have villas at the edge of the marina. We have duplexes, apartments of different sizes and penthouses. Penthouses and duplexes are something new in Oman. We found there is a huge demand for them.”
Niche customer base
The property will target a niche customer base, attracting tourism to the Sultanate. “We are only selling them to people, who are interested in the lifestyle we are offering. We are offering concierge services, access to the hotels, chauffeurs, and a facility management team,” said Matraji.
Good demand
To begin with, Al Mina will have 71 units, with a 50-50 mix when it comes to ownership by locals and expats in Oman and foreigners. “We have about 50-50 mix. A lot of people who live in Dubai, Bahrain, and Europe own properties here. We have a very diverse number of people—expats and locals. We have (people of) 10 nationalities living here,” he added.
The properties will also provide investment opportunities to its customers. “We have good ties with banks. For example, if you are a customer you get services from the Oman Arab Bank. You get mortgages, but not short leases. There is a major appreciation in prices and you get good value for money,” Matraji pointed out.
ITCs in general are a good investment as it is highly regulated and the country has favourable tax laws, thus working towards the idea of establishing ITCs, which is to promote tourism.
Even with the introduction of a new pillar, which is Al Mina, Barr Al Jissah will maintain its exclusivity. “Currently we have 71, we are adding 69 and that’s it. We are not adding more. We are very selective.”