Muscat: An integrated, mix-use project in Al Mawaleh—Mazaya Residence—was launched here by the promoters of Al Mazaya Holding on Tuesday.
The first phase of the residential-cum-commercial project will have 120 residential units and 28 shops.
“Sprawled over a total space of 23,194 square metres and divided into 12 commercial-cum-residential plots, the project boasts residential units, including one-bedroom, two-bedroom, and three-bedroom flats and shops of varying sizes with high-end amenities and landscaped areas and nature,” said Ibrahim Al Soqabi, chief executive officer (CEO) of Al Mazaya Holding.
The company will develop the project over different phases, the first of which was announced under the name ‘Zone 1.’
The project is strategically located near key shopping malls and trade centres in Muscat, including City Centre, which is located only a few minutes away. The amenities of the residential project include swimming pools, health clubs and tennis playgrounds. The project stands out as an attractive opportunity for investment or housing.
“Al Mazaya Holding has identified the gap in the market and the demand of the Omani population for residential projects that cater to the specific requirements of both Omani and Gulf citizens alike,” CEO Al Soqabi added. The price of the flat will start at OMR37,000 per unit and the project is expected to be delivered in 2018.
The construction work has already been started. The foundation work has already been completed, which includes the construction of a spacious underground car park sprawling beneath the entire space of the residential building that accommodates 300 vehicles.
Al Mazaya has awarded a 22-month contract to Al Hajiry Trading for the construction, execution, delivery and maintenance of Mazaya Residence. Al Hajriy Trading has 21 years of rich experience in areas of construction in the Omani market.
“Mazaya Residence is one of the most significant projects that meets the requirements of the market and the needs of different segments of society by creating affordable home ownership opportunities. The project reflects our paramount interest in the Omani market. Boasting a highly competitive edge at the tourist and trade levels, the Omani market abounds in myriad investment opportunities that offer a promising future,” said Rashid Al Nafisi, chairman of Al Mazaya Holding.
“Through the construction of such real-estate enterprises, Al Mazaya Holding seeks to ensure geographical diversification for its projects throughout the Gulf Cooperation Council states and the Middle East. Situated near the capital’s major malls and trade centres, Al Mazaya Residence strategically lies at the heart of Muscat,” Al Nafisi noted.
Al Mazaya is a joint stock company listed on the Kuwaiti and Dubai financial markets. It has a rich portfolio of projects that are well diversified by being geographically spread all over the region’s markets. Al Mazaya Residence is the company’s second investment in Oman.
The launch function was attended by several top-level officials, including the Ambassador of Kuwait to Oman.