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Plus Properties forays into Lebanese market

Dubai, September 26, 2008

Plus Properties, an upcoming real estate developer in the Middle East, has announced its foray into the Lebanon real estate market with the launch of two luxury residential properties in Solidere’s Downtown Beirut located within Beirut Gate project.

The $200 million Plus Towers (Plus Tower 1 and 2), located only steps away from Beirut’s shopping and entertainment district, will comprise premium 2, 3 and 4 bedroom apartments, duplexes and penthouses, with spaces ranging from 240 sq m to 585 sq m.

In addition to the residential units, the 14-floor towers will each comprise premium retail spaces on the ground and first levels.

The pre-launch offer for Plus Towers (Plus Tower 1 and Plus Towers 2) received an overwhelming response from Lebanese and expatriate international investors with 50 per cent of commercial and residential units getting sold in the first two days netting sales of $95 million, said Georges Chehwane, CEO of Plus Properties.

"The interest evinced by investors and the high volume of sales registered within 48 hours of the project’s launch are evidence of the confidence that the Lebanese and GCC residents have in our company," he commented.

"The overwhelming response we’ve received has increased our belief that Lebanon is quickly reestablishing its reputation as an investment hotspot. We are in the process of obtaining all necessary approvals for the project and hope to begin construction shortly."

"We believe that the project will be a resounding success mainly due to its incredible design and the expert involvement and guidance of Solidere," Chehwane added.

Chehwane said Plus Properties also had plans to develop 14 residential towers in the UAE in the coming months.

Designed by US-based Arquitectonica, Plus Tower 1 and 2 will feature a range of world-class amenities and leisure facilities.

Plus Properties has signed a contract with local engineering company Erga to oversee the construction of the project.

The penthouses each come with private terraces and offer panoramic views of the city. The project will be developed according to the international standards stipulated by Solidere.

"About 75 per cent of the investors of Plus Towers were Lebanese nationals and 25 percent were from the GCC. The end-use investments comprised 65 percent of total sales, while 35 percent of the purchases were for investment purposes," he added.-TradeArabia News Service




Tags: lebanon | Plus Properties | foray |

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