Oman- Muriya says As Sodah Island City Walk projects making progress

2/14/2016 4:25:59 AM

(MENAFN- Muscat Daily) Muscat-

Muriya has said that the long-awaited projects - As Sodah Island in Dhofar and City Walk in Muscat - are finally making progress.

Spread over 1mn sq m on the As Sodah Island just off the southern coast of Oman the boutique resort will soon get a fresh investment boost. Meanwhile the commercial development in the heart of Muscat earlier called City Walk is in the final stages of land allotment.

Established in 2006 as a joint venture between Omran and Orascom Development Holdings Muriya was launched with four major projects in its portfolio two each in Muscat and Dhofar.

These included City Walk and Jebel Sifah in Muscat and Souly Bay (earlier Salalah Beach) and As Sodah Island in Dhofar.

Accessible via boat or sea plane As Sodah Island is Muriya's unique boutique resort which will consist of 32 chalets with their own private pools and beaches. 'We have already invested close to RO10mn. We are currently looking to raise finance and talking to banks and finish the project' Ahmed Dabbous CEO Muriya told Muscat Daily.

Dabbous said that there might be a change in the hotel operator for the As Sodah Island project. The signature resort billed as the only one of its kind in the Middle East was contracted to be developed by Maisons Cheval Blanc the hotel brand of the luxury goods conglomerate LVMH. 'We are not yet sure of that. It (the operator) might change' Dabbous said.

'Construction is expected to commence this year and the hotel is expected to be operational by 2019' according to a statement on Orascom's website.

Dabbous was also excited about the City Walk project. The landmark development in the heart of Muscat will comprise a luxury hotel exclusive retail outlets restaurants and cafes. The development promises to be an ideal leisure venue for both residents and visitors.

The project is no more named as City Walk said Dabbous adding that it is undergoing change in design and size. 'The project is in the final stages of land allocation process. Once this happens we start on the design.'

He added 'It is an exciting project for Muriya because it will be different in nature giving us better diversification in terms of property management. It is located in the heart of Muscat which helps push our existing projects. We are really excited and looking forward to the development of the project.'

On the concerns regarding the impact of low oil prices and the increase in land registration fee by the Ministry of Housing on the real estate market within ITC projects Dabbous said that good or bad times real estate never stops. 'We need to have a good product which is effectively priced and well-designed and it will sell whether the times are good or bad.

'People need to live and find new properties as they get married have children and families grow. Rather it is a good time to buy when things are down as you get better deals' said Dabbous.

On the land registration fee increase he felt it wasn't a steep rise and the small amount won't affect the market much.

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