BlomInvest sees Makkah project on track
Riyadh, December 15, 2013
BlomInvest Saudi Arabia said construction work at its “Manazel Makkah Real Estate Fund” project was in full swing and the finishing works would be completed in October next year.
'Manazel Makkah' project, located in Bat-haa Quraish neighborhood of Makkah on a 25 meter-wide commercial road, is being implemented over 6 land lots with a total area of 11329 sq m. It mainly consists of four projects of a total construction area of about 47,100 sq m.
The mixed-use development will include 228 residential units of various sizes ranging between 125 sq m to 170 sq m together with 30 commercial shops. In designing these projects, all the needs of the housing markets in Makkah, have been taken into consideration, said the company in a statement.
Abdullah Al-Rashoud, the CEO of BlomInvest Saudi Arabia, said the work is moving at a fast pace with work currently being focused on the pillars and walls of the basement (shop floor).
Bait Al-Mutawireen Company, the project Developer, is expected to complete the entire skeleton works by next April.
Saad Al-Moamer, CEO of Bait Al-Mutawireen said upon the completion of all the project work, the Fund will start to market and sell the ready real estate units as condominiums to the end user.
"The payment shall be either in cash or through the financing houses or local banks according to the conditions that best suit the Fund’s interest; afterwards the returns shall be distributed among the investors," he added.-TradeArabia News Service