| 31 Aug 2010 |
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Oman: Baader launches upscale project
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MUSCAT -- The real estate market in Oman has already shown the signs of recovery while other countries of the GCC (Gulf Cooperation Council) are still struggling to get back on track. The market in Oman is completely different from other GCC markets and this is the best market in the region. This was stated jointly by Uto Baader, Deputy Chairman of Baader Projects, Hotels and Resorts and Siegfried Lingel at the launch of Al Bustan Residences yesterday.
The project, which is offering 47 exclusively designed homes, is being done by the newly formed company jointly owned by Uto Baader, Chairman of Baader Bank and Siegfried Lingel, owner of German Merkur Bank headquartered in Munich as well as Silver Circle Overseas LLC, the company's local partner. Announcing the launch of the project Uto Baader said, "We are proud to announce the launch of Al Bustan Residences - our first major upscale real estate development in Oman - and to cement the joint venture relationship with our Omani partner Silver Circle Seas, as well as Savills Oman."
Baader Projects, Hotels and Resorts, a recent entrants in the Omani real estate market, are offering the villas for RO 245,000 at one of the most prestigious locations in Muscat opposite new Majlis A'Shura Building, Muscat Governorate and AL Bustan Palace Hotel. According to Christopher J Steel, Managing Director of Savills Oman, the unique Arab style villas are meant for GCC nationals and will be ready for handover in 18 to 20 months. "The exclusive and luxurious new development will consist of a total of 47 of the most beautifully designed villas and linked villas all of which will be finished to the highest standards and furnished with the very latest fixtures and fittings," he said.
Commenting further he said, "Families will adore their new homes which will be surrounded by lush green landscaping and gardens. Some properties also have the luxury of their own private swimming pool allowing all members of the family to enjoy the outdoors in the privacy of their own home." Project developer Baader Projects, Hotels and Resorts is backed by German investors and has been specifically built to develop tourism products and locations in Oman. The Company's vision is to build a series of unique and distinctive projects that also fit with the development objectives set by Oman's leadership offering some of the best opportunities in the GCC at this time.
According to Christopher, members of the senior management team have extensive experience of investing in some of the most high profile projects around the globe and will draw on this strength now as it plans to establish itself in the Omani real estate market. "The entry of Baader Projects to the local real estate market comes when the Omani real estate market has shown strong signs of improvement since the beginning of the year."
"The new project will provide homeowners with a unique proposition very different from the Integrated Tourism Complexes that already exist in Muscat. Marketed at GCC and Omani residents this gated community will provide a limited number of homes aimed at the GCC's elite in what will soon be one of the most exciting and vibrant locations in town," he said.
By Kaushalendra Singh
© Oman Daily Observer 2010
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