One more project has been announced in Muscat as the race in the booming property market hots up, especially for apartment blocks.
Ironically the new 65 million Omani riyal (Dh621.35 million) project of Al Qandeel Real Estate Services has been named Old Town and will have 550 residential units in the prime Mumtaz Area in the centre of the capital.
"Units in Old Town are available for GCC nationals," Haitham Al Lawati, Al Qandeel Managing Director, told Gulf News on the sidelines of the formal launch of the project at the Afrah Ballroom of Muscat Grand Hyatt.
'Old Town' is a Residential and Commercial Project, conceived on the tenets of a fully integrated complex, and will be built on a plot of land measuring 36,000 square metres and overlooking Ruwi district.
Al Lawati said that the response was encouraging and even before the formal launch almost 50 units were already booked. "The project is for middle income segment and upmarket and there's ample scope for it to succeed," he claimed.
'Old Town', is strategically located on a hill in Mumtaz area at Ruwi and is designed for construction of multi-storey towers rising up to penthouse on the seventh storey. "We will have 550 flats of two bedroom and three bedrooms," he added.
No restrictions
There will also be a shopping mall area and office premises and a full-fledged health club.
Replying to a question, Al Lawati said that their first such project in Al Shatti area was successful. "We have a team of management people to look after the property once each unit is handed over to the rightful owners," he said, adding that there are no restrictions on owners renting out their premises.
Old Town will have seven blocks, five Residential Blocks of GF plus 5 Floors plus Penthouse. All flats will have spacious areas, with functional and aesthetic designs.
The Bazaar
Block six will feature a commercial and residential area called 'The Bazaar', the ground floor will accommodate a commercial rentable area for excess of 50 shops and the first floor housing 50 offices.
In Block 7, 'Old Town' a full-fledged Health Club, that will contain a swimming pool, tennis court, indoor squash court, club house, children's playground and premium restaurants, in addition to an underground parking facility for up to 1,000 cars. http://www.gulfnews.com/business/Real_Estate_Property/10245329.html
Ironically the new 65 million Omani riyal (Dh621.35 million) project of Al Qandeel Real Estate Services has been named Old Town and will have 550 residential units in the prime Mumtaz Area in the centre of the capital.
"Units in Old Town are available for GCC nationals," Haitham Al Lawati, Al Qandeel Managing Director, told Gulf News on the sidelines of the formal launch of the project at the Afrah Ballroom of Muscat Grand Hyatt.
'Old Town' is a Residential and Commercial Project, conceived on the tenets of a fully integrated complex, and will be built on a plot of land measuring 36,000 square metres and overlooking Ruwi district.
Al Lawati said that the response was encouraging and even before the formal launch almost 50 units were already booked. "The project is for middle income segment and upmarket and there's ample scope for it to succeed," he claimed.
'Old Town', is strategically located on a hill in Mumtaz area at Ruwi and is designed for construction of multi-storey towers rising up to penthouse on the seventh storey. "We will have 550 flats of two bedroom and three bedrooms," he added.
No restrictions
There will also be a shopping mall area and office premises and a full-fledged health club.
Replying to a question, Al Lawati said that their first such project in Al Shatti area was successful. "We have a team of management people to look after the property once each unit is handed over to the rightful owners," he said, adding that there are no restrictions on owners renting out their premises.
Old Town will have seven blocks, five Residential Blocks of GF plus 5 Floors plus Penthouse. All flats will have spacious areas, with functional and aesthetic designs.
The Bazaar
Block six will feature a commercial and residential area called 'The Bazaar', the ground floor will accommodate a commercial rentable area for excess of 50 shops and the first floor housing 50 offices.
In Block 7, 'Old Town' a full-fledged Health Club, that will contain a swimming pool, tennis court, indoor squash court, club house, children's playground and premium restaurants, in addition to an underground parking facility for up to 1,000 cars. http://www.gulfnews.com/business/Real_Estate_Property/10245329.html
