Alargan unveils Qurm Hills mega project
Mon, 12 December 2011
By A Staff Reporter - MUSCAT — Sayyid Saud bin Hilal al Busaidy, Minister of State and Governor of Muscat, unveiled the Qurm Hills project of Alargan International Real Estate Company (AIREC) — a Kuwait-based real estate developer — at the site of the project yesterday.
This mega project, which was launched in presence of the Kuwaiti ambassador to the Sultanate, will be constructed on a total land area of 165,000 square metres behind Al Harthy Complex and the Sultan Center. The project boasts of 109 plots, including road networks, service facilities and landscaped park areas. The project will also comprise a variety of residential units and the retail, commercial and office space, it was declared.
In his opening speech, Khaled bin Khuder al Mashaan, Chairman and Managing Director of Alargan International, said: “We are pleased to announce the launch of Qurm Hills, a project which we have meticulously planned to create a new concept in the area which will offer excellent investment opportunities. The Sultanate's vast landscape, bountiful nature, as well as strong governmental planning and support have made an exciting development like this possible. We also have a line up of several other projects in other areas in the Sultanate, will be unveiled in due time”, he declared.
Moreover, to ensure the project adheres to the utmost standards and specifications, Alargan appointed Parsons as the project's design and construction consultants. Also speaking on the occasion, David Mitchell, Operations Manager at Parsons said that: "Qurm Hills is situated in a prime location which enjoys easy accessibility to the main road network and direct connectivity to public utility services. The project's infrastructure has been designed according to the highest standards to ensure the protection of the project site from any possible flooding. This is in addition to the Muscat municipality implementing measures to further enhance the safety of the plots during potential natural disasters.
The real estate sector in the Sultanate has witnessed a significant rise in recent years. The rapid expansion of the construction industry is largely due to government spending and economic diversification, where construction contract awards are expected to grow from an estimated $1,213 million in 2011 to $3,034 million in 2013, it is learnt.
Additionally, Tony Safarian, Chief Marketing Officer, AIREC said: "Efforts to diversify the economy through tourism, new tax and privatisation laws as well as government-endorsed developmental plans, have all led to tremendous growth in the Sultanate's real estate market, thus creating a market-friendly economic environment. Qurm Hills enjoys a prime location in the heart of Muscat and will offer a number of great opportunities."
On the sidelines of the event, a tree was planted in response to His Majesty’s Royal Directive to plant one million date palm trees in the Sultanate. Kuwait-based Alargan International Real Estate Company has had a presence in the Sultanate of Oman since 2003. The company is one of the leading real estate developers in the region with specific focus on facilitating middle-income housing. Alargan has an operating capital of over $95 million and approximately $2.4 billion in assets under management.
Besides, as a result of its excellent track record and success, the company currently has fully operating affiliates in the Kingdoms of Saudi Arabia and Bahrain. It has also established development offices in the UK, Egypt and Lebanon.
