New real estate projects presented in Kuwait
Gulf Al-Ahliya Holding Company, which belongs to Al-Ahliya Investemnts Companies, has announced the holding of a special exhibition for presenting its real estate projects, the most prominent among them is Al-Khayran Project, reported the Kuwaiti newspaper, Al-Rai al-Aam on September 15, 2005.
The head of Al-Ahliya's board of directors, Abd al-Aziz al-Nabhan, has mentioned the company's projects inside and outside of Kuwait, saying that it owns lands in Beirut, "Beirut Tower 2", on which a project similar to "Beirut Tower 1", which it was built in Lebanon in the past, will be set up.
The most prominent among the company's projects is Al-Khayran Project, which is composed of two parts: housing section and commercial section. During the exhibition, the company will present the idea of establishing a company called "Bawabat al-Ahliya" for developing the commercial part of the project.
The project will be composed of 10 housing towers, each of them composed of 20 floors, in addition to a commercial complex on a 24,000 square meters area.
This commercial center will serve four housing villages, which will be built as part of the project.
The second part of the project, which will start in the first quarter of 2006, will include the construction of the 10th tower. The apartments in there will be on various sizes, which will range between 125 and 170 square meters. The apartments will be offered for sale, for nationals only at this stage. The complex will include accompanying facilities, such as swimming pools. The total costs of the project is 60 million Kuwaiti Dinars ($205,4 million) and it is expected to be completed in 18 months. The 10 towers are expected to include some 1,000 apartments.
The housing villages will include 400 villas on an area of 1350 square meters per each villa. Some 170 villas of this kind were already bought, while the other will be offered for sale during the exhibition. The profit expected from the project will range between 35% and 40%.