Oman: Arabian Gulf Gate to develop OMR 44 million ‘Ryad Al Sawadi’ project
Arabian Gulf Gate (AGG), an Oman-based property developer, has announced its plans to develop ‘Ryad Al Sawadi’, an OMR 44 million (AED 420 million) project, located in the coastal plains of Barkaa state in Oman, which is expected to attract more regional and global investors to acquire high quality but competitively-priced properties in the country. With aims of highlighting the excellent investment opportunities amidst the rapidly growing economy in the Sultanate, the developer has appointed Eqarat.com, a leading total solutions provider to the real estate sector, to exclusively manage and drive the sales of its Marrakech-inspired community project. The developer also revealed that all the units within the project have been booked during its launch in the early part of 2008, and that it is all geared up to launch the second phase of the project within the coming months.
Enveloped within the coastal countryside 40 kilometres from Muscat, ‘Ryad Al Sawadi’ will consist of 190 three- and four-bedroom villas with an average built-up area of 3,000 sq.ft., in addition to a service block, which is set to offer 90 furnished apartments, a retail area, a gym and health spa, various restaurants, and spacious garden and parks amidst the area’s natural valleys. Each of the luxurious villa units, which are currently in the pre-construction phase, is being offered at a starting price of OMR 130,000, which will vary according to the size and features of the residential units. In addition to the developer’s commitment to complete the project within 20 months from the start of construction, a convenient payment scheme has also been devised to ensure investors and end-users are able to purchase the villa of their choice.
“Our partnership with Arabian Gulf Gate to manage the sales of ‘Ryad Al Sawadi’ is part of our aggressive expansion strategy to leverage the booming property market in Oman,” said Ali Al Rahma, CEO, Eqarat.com. “We believe that the outstanding quality of the project will be the main driver of its sales, which we intend to further push by highlighting the excellent returns to high potential customers. By combining the strength of our team of real estate experts, widespread investor base, planned marketing activities and professional sales execution, we are optimistic of the results we can generate for this project.”
In addition to the lavish and convenient features of ‘Ryad Al Sawadi’, Eqarat.com is also set to leverage its outstanding location within one of the fastest growing economies in the Gulf. With expectations to increase the country’s GDP by 6.8 per cent by the end of 2008, the Omani Government is seeking to gradually reduce the country's dependence on oil by funnelling investments into the rapidly developing tourism and real estate sectors. The significant growth continues to attract multinational and domestic investors and companies, thereby creating a massive demand for built space.
“Oman has witnessed unparalleled growth as an emerging real estate destination for both individual and institutional investors, owing to the attractive incentives it offers for property developments, in addition to the government’s privatisation initiatives and the liberalisation of foreign investment parameters. Growth in almost all aspects of the country has also facilitated the evolution of the investors’ requirements to become more demanding and specific. Although there are massive construction activities within the Sultanate, the market is still far from being saturated, and this represents a huge opportunity that we are aiming to maximise,” concluded Al Rahma.
© 2008 Al Bawaba (www.albawaba.com)
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