Projects worth OMR40m coming up in Muscat

Business Monday 28/May/2018 17:04 PM
By: Times News Service
Projects worth OMR40m coming up in Muscat

Muscat: Citizens of Oman and other Gulf Cooperation Council (GCC) countries looking for an office space or an affordable apartment need not wait, as the construction of luxurious residential towers and ideal office spaces is underway in Muscat.
BBH, one of the real estate developers in Oman, signed four agreements worth OMR40 million on Monday at Intercontinental Hotel, which include the construction of Al Mahalab Towers project in Al Ansab and BBH Office Towers in Al Rusayl, and the second phase of the integrated residential city project in Al Arfan City.
“Next month, the company will sign a housing project for university students, which is some 400 housing units in an area of 17,000 square metres, located near Sultan Qaboos University (SQU). The unit price will be in the range of OMR18,000, consisting of a room comprising 60 metres in area, a hall, a toilet and a kitchen,” said Dr Khalid Bin Salem Al Muta’ani, Chairman of BBH.
He added that the construction work of Al Mahalab Towers is expected to be completed in 15 months.
“The project consists of two residential towers and one office tower and will provide 128 housing units with 64 units in each building ranging from 44 metres to 110 metres. Whereas, the office building comprises 76 offices divided on nine floors. The investment in the project is estimated at OMR10 million and it will be ready within 15 months,” Muta’ani said.
Explaining the installment and down payment plans, Housam Abdalla, Chief Executive Officer at BBH Group, said that it has been designed keeping the feasibility of payments in mind.
“Interested customers will be given two options to attain ownership of the apartments that consist of one, two, three and four rooms and range between OMR25000 and OMR39000. One option is to pay 50 per cent of the total amount and in return receive a five per cent discount on the total amount, and the second is to pay 20 per cent of the total amount. Both installments can be paid within a period of two years,” Abdalla added.
The project in Al Rusayl, stretched on an area of 56,000 square metres, includes 44 warehouses, each one of them with an area of 1,000 square metres, as well as housing for workers with 166 rooms, administrative offices, a meeting room and a small market.
“This logistics city project is expected to be completed in 10 months from the start date and the investment in this project amounts to OMR20 million,” said Muta’ani.
“The warehouse price is OMR280,000, which guarantees an annual return of some 14 per cent, making it a safe investment at a low cost, in addition to 10 stores that will be ready in four months from now. It also offers two types of stores: refrigerated and the other without cooling,” he added.
Muta’ani added that there is an agreement with some commercial banks operating in the Sultanate to facilitate financing upon demand for those wishing to purchase.
“The aim of the project is to provide ready and fully equipped warehouses to store food and medical supplies in an appropriate environment, while constructing other ones for use as industrial workshops,” Abdalla added.
Another agreement signed by the company relates to the second phase of the integrated residential city project, BBH, in Al Arfan City, after the company announced the first and second towers. The project will be completed with the third and fourth towers to provide 220 units of varying sizes with 55 units in each tower, as well as the establishment of a shopping centre catering to those living in the residential units and other recreational facilities including a swimming pool, gym, rooftop garden, and more.
“The residential units are constructed in varying sizes of four dimensions — 75 metres, 105 metres, 115 metres and 225 metres. The investment cost of the second phase is some OMR10 million,” said Abdalla.
Muta’ani added that the residents of these towers will have all their requirements in close proximity due to the presence of services centres, various shops, entertainment centres and more in the area.