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Oman's Naseem A' Sabah masterplan to be ready in two months - official
03 May 2017
By Sowmya Sundar
The masterplan for Oman’s 400 million Omani riyals ($1,039 million) integrated tourism project Naseem A’ Sabah will be finalised in two months, said a senior official at Bandar Raya Developments Berhad (BRDB), one of the partners in the project.
“We are currently ‘tweaking’ the masterplan developed by the Singapore-based COWI and should be finalising it in two months”, Edwin Yang, BRDB’s CEO for Property Development, told Thomson Reuters Projects.
Oman’s Ministry of Tourism last month signed an agreement with the Omani firm Amouage Hotels & Resorts to develop Naseem A’Sabah as an integrated tourism complex.
“We are working on the financials and fine tuning our final business plan. Negotiations are under way for the hotel project within Naseem. It will take at least a year before we finalise costing, marketing and masterplan and go ahead with detailed design and construction”, he said.
Yang said BRDB holds a 30 percent stake in Amouage that it had bought in 2009 when the project was originally announced, but negotiations with the ministry took a long time to reach the signing stage.
“BRDB will provide the development expertise while Mamas Christodoulides, chairman of Amouage Hotels & Resorts, and Mohammed al Khalidi, who hold 35 percent each in the company, have provided 40 per cent of the land component. The rest 60 percent will be built on reclaimed land”, he said.
Spread over 400,000 sqm on the northern shore of Mawaleh in Seeb in the Muscat governorate, Naseem will be a freehold mixed use property comprising 1,200 residential units, 600 hotel rooms, 696 housing units, a marina, yatch club and a multi-use resort village.
“Naseeb will be located near the airport. We are looking at generating total revenue of one billion Omani riyals ($2.6 billion) from the project. At present we are looking at a 7-10 years for completion”, said Yang.
BRDB is a Malaysia-based real estate development firm with projects across Malaysia, UK, Pakistan and Australia. Naseem is its first project in the Middle East.
© Zawya Projects News 2017