Issue No 283 - 15 Sep 2008
 
 
Eqarat.com to launch $169m Oman project

Eqarat.com, a total solutions provider to real estate sector, is set to launch first phase of ‘Al Qaser’, a RO65 million ($169 million) themed residential community project being developed by Arabian Gulf Gate Investment (AGGI) in Oman.

The company's foray into Omani real estate market comes at a time when residential properties are emerging as the highest income-yielding investments within the Sultanate.

According to analysts, the value of real estate demand will top RO8 billion ($21 billion) by 2010. Market studies have also revealed that total investments into the real estate sector in Oman has reached RO 1.61 billion in 2007, up from RO 0.29 million in 2005.

Eqarat.com’s stronger presence in the market is expected to further boost its Oman-based business operations, said a company official.

Industry reports indicate that the average price per square meter for residential land in Oman has jumped 253 per cent to RO52 per sq m in 2007 when compared to RO16.3 in 2006 and RO 14.7 in 2005.

Oman’s residential property sector captured the biggest share despite the recent increase in real estate prices, thereby further underlining the competitiveness of Omani-based projects across the GCC.

Further, the growth of investment into commercial activities including the manufacturing and tourism sectors is also expected to drive the demand for real estate in 2008.

'This favorable projection has prompted Eqarat.com to launch the first phase of the ‘Al Qaser’, which is expected to be fully launched before the end of 2008,' said Ali Hussein Al Rahma, CEO of Eqarat.com.

The luxury villas project will offer 180 three- and four-bedroom villas with an average built-up area of 3,000 sq ft, in addition to a service block that will offer 90 furnished apartments.

'We are expecting further growth in the Oman real estate market and our growing activities within this potential-laden destination is a testament to our strong interest to increase our presence and strengthen our hold of the real estate services sector in the Sultanate,' he remarked.

'We expect to partner with leading developers in Oman over the next three years, during which we will be enhancing our processes and increasing our team of real estate professionals to deliver the high standard of services Eqarat.com has pioneered in the region,' he added.

Aiming to leverage the strong demand for residential projects in Oman, Eqarat.com was appointed by AGGI to exclusively manage and drive sales of its Marrakech-inspired community project.

Located in the coastal plains of Barkaa state, ‘Al Qaser’ luxury villas will also offer tenants access to a retail area, a gym and health spa, various restaurants, and spacious garden and parks amidst the area's natural valleys.

“Our partnership with Arabian Gulf Gate Investment stemmed from our extensive efforts to support the real estate growth of regional markets by underlining the outstanding investment potential of regionally-based developments.

The exemplary features and even more attractive location of the project are the main USPs of ‘Al Qaser’ luxury villas and we will leverage the strengths of our people and our technology-driven operations to exceed our clients’ expectations.

Amidst the rapid growth of the Omani real estate market, we recognize the importance of uniquely themed properties to catch the attention of highly discerning investors,” Al Rahma added.

Source: Trade Arabia News

     
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