$100m beachfront project coming up on Al Athaiba

As a sign of the huge potential in Oman’s real estate sector, a unique multi-million project is coming up at a strategic location on the Al Athaiba beachfront in Muscat.

A Memorandum of Understanding (MoU) to collaborate on the $100 million project comprising high-end residential, commercial and retail components was signed between trading powerhouse Al Khalili Group and real estate investment experts Tibiaan Properties on Monday.

According to Sheikh Qais Al Khalili, Chairman of Al Khalili Group, the project is being developed in response to the increasing demand for luxury properties in Oman.

“The project is expected to be a major success as it combines the trading prowess of Al Khalili Group and the real estate expertise of Tibiaan Properties”, he told Observer.

The first phase of the project comprising 67 exclusive villas with private pools set on Al Athaiba beachfront will be available for off-plan purchase later this year.

“Demand is expected to be intense. Options to buy and lease further elite residential, tourism and commercial properties will be made available shortly thereafter”, he said.

Speaking to the media at The Chedi Muscat, Qais said, “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.”

According to the chairman, the collaboration is a sign of the group’s confidence in the unlocked potential in Oman’s real estate market and its immense appeal as an investment destination.

“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”, he said.

Fahad Al Ismaili, CEO of Tibiaan Properties said, “It is with tremendous pleasure that Tibiaan joins the Al Khalili Group, one of the most highly respected and trusted companies in Oman. 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”.

The combined efforts will realise the aspirations of today’s sophisticated homebuyer, he said.

(Picture by Faizal al Balushi)