Marakez buys 620.000 sqm for residential projects in Syria 

(MENAFN - Kuwait News Agency (KUNA)) Marakez Real Estate Trade Center bought 620,000 square meters area in Sasa area near Damascus to build a residential town grouping 135 complexes, the company said Tuesday.

In addition to the eight-story residential complexes, the town will group social facilities, schools, a mosque, an entertainment centers, a gym and a hospital, Syrian newspaper Al-Baath reported, while describing Syrian markets as "promising.

The amendments of ownership and inheritance laws endorsed by Syrian government paved the way for such a project, it said, adding that Marakez was granted a license to construct the eighteen-story International Trade Center.

Syria will benefit from the project that will make a USD 67.7 million profit, alongside 1,000 work opportunities for different qualified Syrians of various specialties, it added.

Marakez owns 10 percent of the shares of Antaradus for Touristic Development Company while the latter owns the USD 460 million project along Tartous city's seafront.

The two companies signed a memorandum of understanding for Marakez Real Estate Trading Company to act as a marketing manager and sale agent for Antaradus Tartous project, owned by Antaradus Company.