Zahrat Al Khareef, Dhofar, one of the largest property developments to date in Salalah, offers freehold ownership for Omani and GCC citizens
Since its inception in 2008, Iskan Oman Investment Company has been revolutionising the way investment transactions are conducted in the Sultanate. Iskan Oman was established by a diversified base of financially strong and well-reputed shareholders including prominent financial institutions, government pension funds, high net worth individuals and companies from the Sultanate and Kuwait. Two major shareholders of the company are Iskan Housing Finance Company KSC and The Public Institution for Social Security in Kuwait. Modeled on its parent company in Kuwait (Iskan Finance Company and the Public Institution for Social Security), Oman was chosen as the site for the first regional expansion, after exhaustive research, planning and analysis.
"We looked at the market in Oman," says Adil Mohammed Al Bader, chairman of Iskan Oman, "and determined that it would provide an ideal location for us to grow and nourish a regional expansion."
"Oman provided a unique opportunity for us in terms of stability; while other markets were imploding in a spectacularly catastrophic fashion as a result of the global financial crisis, Oman remained comparatively stable. This was thanks to sustainable and conservative economic government expenditure," says Al Bader.
"Since our inauguration over two years ago, Iskan Oman has grown from strength-to-strength," says Dr Rashid Al Balushi, managing director, Iskan Oman. Of particular significance to the planned activities that Iskan Oman has scheduled for 2011, is the opening of the multimillion rial development, Zahrat Al Khareef, Dhofar. The gated community project, offering freehold ownership for Omani and GCC citizens, is the first of its kind and one of the largest property developments to date in Salalah.
The first phase of the prestige-living development is slated for completion in the final quarter of this year. Zahrat Al Khareef, Dhofar has been designed to harmoniously blend with the environment, complementing the surroundings that attract thousands of visitors each year to witness the subtropical lushness in the Khareef Season.
"It is our commitment to actively contribute to our economy as well as our societies; Iskan Oman seeks new and untapped avenues and translates them into viable opportunities generating lasting growth," says Al Bader. Located in the Al-Wadi area in Salalah, the Zahrat Al Khareef, Dhofar project covers an area of approximately 29,000 square metres. Ten-storey buildings with a gross built up area of 130,000 square meters will offer 586 living units in a mix of one, two and three bedroom and duplex apartments.
In addition, a family-friendly club house equipped with a modern gymnasium and other recreational facilities will serve as a fitness and community centre for residents, bringing together the occupants to socialise and relax in world class luxury. Additional facilities such as a swimming pool with professionally designed landscaping further complement the recreational offerings of Zahrat Al Khareef, Dhofar development.
The Salalah market has been largely untapped so far. The Zahrat Al Khareef, Dhofar project appeals across the GCC region to an audience wanting a safe and family friendly location to live, play and flourish. The appeal for locals seeking affordable housing solutions with modern amenities and luxury surroundings is further strengthened by the provision of all facilities that one requires for a healthy and active lifestyle.
Zahrat Al Khareef, Dhofar is a perfect investment for Omanis wanting a second home or sound investment for their property
portfolio. With its proximity to the Salalah airport, it also makes an ideal property for GCC nationals to invest in.
© Oman Economic Review 2011
