Eqarat.com, a leading total solutions provider to the real estate sector, announced that it has completely sold out the OMR 13 million 'Mayar Al Khoudh' project, a luxury residential project in Oman being developed by Al Balushi Investments LLC.
The project, which was launched earlier this month, will be composed of 58 stand-alone villas within a strategic location in the Mayar Al Khoudh area in Muscat and is expected for completion by the end of 2010. Appointed as the exclusive sales and marketing agents for the project, Eqarat.com has sold all 58 villas for an average price of OMR 220,000 per villa.
Set to occupy an area of 23,029 sq. m. and with a built-up area for each villa ranging from 288 to 363 sq. m., 'Mayar Al Khoudh' will feature four different villa designs each spanning 230 to 347 sq. m. The luxury residences will feature four to five bedrooms, a living room and family sitting area, five to six bathrooms and toilets, a dining room, kitchen, storage, laundry room, a maid's room and two parking spaces. In addition, modern and well-appointed amenities will also be built within the gated community, including a swimming pool, gymnasium, walkways, recreational spaces, walking tracks, children's play yards, as well as exclusive shopping and recreational facilities. Designed by Dubarch, a Dubai-based architectural engineering firm, in association with Azri Consultancy, the villas will be constructed by Al Rawahi International, who was awarded the primary contract for the project.
"Investors have snapped up villas within 'Mayar Al Khoudh' due to the outstanding design elements within the project and the highly profitable real estate climate in Oman," said Ali Al Rahma, CEO, Eqarat.com. "To drive the sales of the project, we developed a targeted marketing strategy to further reiterate the outstanding investment potential of 'Mayar Al Khoudh' to buyers and investors seeking to purchase luxury residential villas for both personal use and investment purposes.
Our intensive marketing plan also included high impact advertising and PR activities, in addition to a major customer launch as part of our value-added services."
'Mayar Al Khoudh' will be located 10 minutes away from the Muscat International Airport and in close proximity to leading shopping malls such as Muscat City Centre and Markaz Al Bahja, and other civic facilities. The three-story villas, which will be distinguished as Type A (20 villas), Type B (30 villas), Type C (4 villas) and Type D (4 villas), are expected to present excellent rate of ROI per year, considering the rising demand and soaring value of real estate properties in Oman.
"Our vision is for 'Mayar Al Khoudh' to become a premier development that willrepresent the current uptrend in the Oman real estate market not only in terms of project values, number of developments and profitability, but more importantly in high quality standards. We are proud to announce that the construction of this project is proceeding as scheduled, and our partnership with a leading real estate solutions provider such as Eqarat.com has already resulted in the successful sell-out of the project," said Hussain Habib, Managing Director, Al Balushi Investment LLC.
Leveraging the booming property development sector in Oman, Eqarat.com launched its extensive business operations in the Sultanate in the second half of 2007, following which the company has partnered with leading Oman-based developers. Prior to the 'Mayar Al Khoudh' project, the company had also signed on as the exclusive sales agent of the OMR 44 million (AED 420 million) 'Ryad Al Sawadi' project, a Marrakech-inspired community project being developed by Arabian Gulf Gate Investments (AGGI). With plans to expand across the region, the tremendous growth and success of the company in Oman can be attributed to the high efficiency of Eqarat.com team and personnel in Oman.