26/09/2016 05:02 AST
Kuwait Projects Company (Kipco), the country's largest investment company, said on Sunday that the company had begun construction on its ambitious $2.5-billion real estate project in Kuwait.
The Hessah Al Mubarak project, located on the outskirts of Kuwait City overlooking the Arabian Gulf Sea, is Kuwait’s first-ever comprehensive, mixed-use development.
It will come up on a sprawling 227,066-sq-m area, of which close to 50 per cent is dedicated to public services and amenities including gardens, open public spaces, urban plazas, streets, multi-storey public parking and utilities.
Announcing the launch, Faisal Al Ayyar, the vice chairman (executive) at Kipco, said that the development aims to offer quality lifestyle to Kuwaitis and expatriates alike.
"In this urban neighbourhood, people can live, work, shop and spend leisure time, creating ‘The Center of Vibrant Living’. It offers a new approach to upper-scale, integrated, urban, mixed-use developments in Kuwait," remarked Al Ayyar.
"We have taken a holistic approach to design, creating a richness and sense of connectivity through architecture and landscaping. The owners have made a commitment to quality and we will be laying down all the infrastructure within the masterplan - including public facilities and open green areas - to make sure that we deliver on this promise, now and in the future," he stated.
The development manager for the project is Al Mutawir Real Estate Company, while the infrastructure contract has been awarded to Ahmadiah Contracting and Trading Company.
The mobilisation on site has already begun for the mixed-use project, which will boast 23,400 sq m of gardens and green areas.
Unveiling the masterplan, Tawfiq Al Jarrah, the executive director of Hessah Al Mubarak Real Estate Development, said: "More than 70 per cent of the built-up area of the development project is edicated to residential units. These are strategically located within the masterplan to allow residents to benefit from public spaces and amenities."
"The masterplan also includes a business district stretching between two anchor nodes; the food and beverage cluster to the north, and the retail and community services cluster to the south," stated Al Jarrah.
According to him, the project’s total built-up area will be 381,000 sq m and includes 82 plots for residential buildings (high, medium and low-rise apartment buildings and duplexes), serviced apartments, offices, clinics, health clubs, commercial activities, retail, as well as food and beverage.
"Kipco, through its subsidiaries, will be developing 38 plots of the masterplan. The rest of the project will be developed by parties who share our vision and strive for excellence," stated Al Jarrah.
Banks will provide financing for half of the project, with Kipco funding the remainder directly. Kuwait's Burgan Bank will be among the main lenders to the project, he revealed.
"Our first milestone will be the completion of the infrastructure, which will take 12 months. The first phase, which includes properties developed by our subsidiaries, will be completed 36 months after that. As such, Hessah Al Mubarak will be inhabited by 2020," he added.-
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