First phase of Springs project
Published: 04/05/2008 5:30 am
Majan Gulf Properties (MGP), designers and developers of the Sohar Residential and Commercial Project in the Wilayat of Sohar, recently announced the launch of the Phase I of the luxurious Springs Compound project
Majan Gulf Properties (MGP), designers and developers of the Sohar Residential and Commercial Project in the Wilayat of Sohar, recently announced the launch of the Phase I of the luxurious Springs Compound project. Comprising 75 double-storied villa style residences in the first phase, the Springs Compound reflects a fusion of Omani architecture with contemporary Arab cultural construction and is the only project of this nature in Sohar.
Says Bader Al Hamdani, marketing and sales manager, MGP, The growing residential demand in Sohar due to the pace of its industrialisation is faced with a challenge - the scarcity of good real estate projects. Additionally, the current devaluation of currencies has had a negative impact on financial investments. In the light of these situations, investment in real estate provides an ideal alternative to most investors today and hence has propelled the demand even more."
The Springs Compound is 70 per cent complete and is expec-ted to be ready by May 2008. The first phase of the Springs Compound project, comprising 75 villas, has been financed by National Bank of Abu Dhabi (NBAD) and forms a part of the first component of this project. Says Saeed Salim Al Mubarak, regional manager, NBAD Oman, "NBAD is pleased to be associa-ted with Majan Gulf Properties in financing their start up project, the development of which has progressed satisfactorily and I wish the project all success."