Trading powerhouse Al Khalili Group said it has signed an agreement with real estate investment expert Tibiaan Properties for collaboration on a unique $100-million project portfolio with high-end residential, commercial and retail components in Oman.
Developed in response to the growing demand for luxury properties and to capitalise on the continued interest of domestic and international investors in Oman, the first phase of the partnership between Al Khalili and Tibiaan will comprise 67 exclusive villas with private pools set on strategic locations in capital Muscat starting with a unique development on the Al Athaiba beachfront, according to the statement from Al Khalili Group.
This will be followed by a series of sophisticated retail, leisure and lifestyle assets including a boutique shopping mall offering a refined range of retail experiences, remarked group chairman Sheikh Qais Al Khalili after signing the deal with Tibiaan Properties CEO Fahad Al Ismaili at a ceremony held at The Chedi Muscat hotel on Monday.
"We are inspired by the tremendous possibilities of this collaboration, our first build-to-sell venture. The magnitude of the multi-faceted portfolio we have created with Tibiaan, real estate specialists of the highest standing, is a sign of our confidence in the real estate market’s potential, its strong prospects for growth, and of course Oman’s immense appeal as an investment destination," stated Al Khalili.
"With a vision of creating value for the sultanate as it transforms its economic base, Al Khalili Group will leverage its construction experience to deliver properties and real estate projects of distinction and unsurpassed value, built on an uncompromising dedication to quality and with an unrivalled design aesthetic," he added.
On the partnership, Al Ismaili said: "With this agreement, we have forged a relationship founded on a joint and unwavering commitment to excellence, and to the development and progress of our nation. We look forward to the success of our combined efforts as we realise the aspirations of today’s sophisticated homebuyer."
The Al Athaiba beach villas projects of the first phase of the massive development undertaking will be available for off-plan purchase later this year, said the Al Khalili Group.
Demand is expected to be intense and options to buy and lease further elite residential, tourism and commercial properties will be made available shortly thereafter, it added.
A major player in Oman construction sector, the Al Khalili Group is renowned for the outstanding quality of its work on a diversity of building projects including multi-storey residential buildings, hospitals, colleges and judiciary buildings.