(MENAFN - Arab News) BlomInvest Saudi Arabia announced that the building and construction works of Manazel Makkah Real Estate Fund project have achieved a great deal of development in the initial phases and managed to reach advanced stages.
It is expected that the project skeleton works will be over by April while the finishing works will take place in October.
Manazel Makkah project is located in the Bathaa Quraish neighborhood of Makkah on a 25-meter wide commercial road.
The project is implemented over 6 land lots with a total area of 11,329 square meters and it mainly consists of four projects of a total construction area estimated by about 47,100 square meters.
The project will be developed for the purpose of providing a diverse product of 228 residential units of various sizes ranging between 125 square meters and 170 square meters together with 30 commercial shops.
In designing these projects, the needs of the housing market in Makkah have been taken into consideration besides creative additions in the function, internal distribution and external appearance of the buildings.
Steps are being taken to provide a parking lot for each residential and commercial unit.
Abdullah Al-Rashoud, CEO of BlomInvest Saudi Arabia, said the project construction work was progressing in full swing in all phases.
The team is currently working on finishing the pillars and walls of the basement (shop floor). He said project developer Bait Al-Mutawireen Company was expected to complete the entire skeleton works by April.
The finishing works would take place in October.
Saad Al-Moamer, CEO of Bait Al-Mutawireen Co., developer company, said the construction works of Manazel Makkah Real Estate Fund were progessing according to the set schedule and that upon the completion of all the project construction and final works, the fund should start marketing and selling the ready real estate units as condominiums to the end-user.
The payment will be either in cash or through the financing houses or local banks according to the conditions that best suit the fund's interest; afterward the returns will be distributed among the investors.
BlomInvest operates as the investment arm of Blom Bank Group in Saudi Arabia.
It provides large companies with financial consultancy services on raising capital, issuing shares and bonds and listing them in the stock market, mergers and acquisition, financing, creating and launching investment funds through public or private offering, in addition to structuring investment services, wealth management and other investment and consultancy services.
BlomInvest also conducts financial intermediation in international and regional markets besides various studies and researches.
The company is a professional firm that has a long experience and presence in more than 12 countries, which is managed by an outstanding team that is professionally working together with partners in the Kingdom toward success and excellence.
It is committed to the highest norms and standards of investments and is known to have transparent operations that are subject to the auditing of specialized monitoring agencies.