Muscat: To boost the country's real estate, especially the residential sector as part of the urban development, the Ministry of Housing and Urban Planning recently unveiled an investment package valued at around RO 338.7 million to create new townships.
In one of the agreements, Al Madina Real Estate will invest around RO 53 million in developing the Al Ahed Neighborhood at Al Amerat in Muscat Governorate, which will provide 965 housing units.
Speaking to the Observer, Eng Abdul Rahman Barham, CEO of Al Madina Real Estate said: "This project will be part of the initiatives from Ministry of Housing and Urban Planning to promote integrated housing complexes. This project will be developed on 450,000, a sqm plot in Al Amerat and it will be very close to Bausher."
The project will offer 1065 housing units to Omanis eligible for government land plots. Instead of a land plot, they will get flats or housing units at a discount of 20 per cent from the market rate. For example, a townhouse that costs RO65,000 will be offered to Omanis for RO52,000.
"The government has given the land to the developer, who will be responsible for building the infrastructure such as roads, walkways, gardens, mosques, health clubs and commercial centers," he said.
The first phase of the project will be delivered in phase one and based on the sales, the developer will start work on phases 2 and phase 3.
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