Developers 'fully committed' to Oman mega project

OMAN PROJECT: An artist's impression of part of the Qaryat Qurum development.

Developers behind a major residential and commercial project in Oman have said they remain confident of its success despite the impact of the global crisis on the Gulf's real estate sector.

Bosses at Qaryat Qurum, a joint venture project between ETA Star Properties and OHI group, said they had reviewed the development in light of market conditions but were still fully committed to making progress.

Maqbool Hameed Al Saleh, chairman, OHI Group of Companies, said: "While the current scenario is certainly not ideal, there is no doubt that the economy will bounce back. We jointly reviewed the various operational aspects of Qaryat Qurum and are confident that...its attractive product mix will help it to do well in the medium-term horizon."

Qaryat Qurum, a residential and commercial project spread over an area of more than 500,000 sq m, was launched last November and will be built in Muscat.

It will consist of two main areas - The Main Center and the Hilltop Residences.

The Main Center comprises a retail area, commercial towers, business hotels and service apartments while the Hill Top Residences will include 13 towers of apartments.

Commenting on the current market state, Abid Junaid, executive director, ETA Star Properties, said: "Though there has been a slowdown in the market which has affected the progress of several projects, our evaluation tells us that there also has been positive developments with regards to the reduction of construction costs.
"We have reviewed the project of Qaryat Qurum and are confident."

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READERS' COMMENTS

Developers 'fully committed' to Oman mega project
Posted by hombil, Muscat, Oman on Monday 9 March 2009 at 15:53 UAE time


It is heartening to know that at least one developer is confident and positive about the real estate scene in Oman. Maqbool Hameed Al Saleh is a dynamic businessman and has seen many ups & downs in the economy over past many years and the confidence shown by him will help boost the confidence of other Omani businessmen.

As with other countries, Oman economy has also slowed down, but the extent of the slowdown is not as much as others. What Oman needs today is a push from the government (central bank) and the banks in improving the liquidity, at affordable interest rates, which has been tightened in the past few months.

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