Company commits prompt delivery of project by July '08
Sabban Property Investments (SPI) has announced that Tuscan, the third tower of its luxury residential QR 1.2 billion development Sabban Towers has been released for sale. The move follows the recent announcement that over 80 per cent of Provencal and Florentine, the other two towers in the development have been sold. The developer has committed to the prompt delivery of the project by July 2008, which in addition to the fulfillment of the announced completion of project's superstructure during the last quarter of 2007, reaffirms SPI's commitment of delivering its projects within the predetermined timeframe.
Tuscan offers a total of 164 luxurious apartments ranging from one to five-bedroom penthouses including 24 one-bedroom, 78 two-bedroom, 56 three-bedroom, 2 four-bedroom and 4 duplex penthouses. Starting from QR 10,500 per square metre, the third tower is expected to see an overwhelming response from regional and international investors, given the world-class facilities and amenities it will offer to residents. Tuscan is one of the three towers that make up the Sabban Towers development on The Pearl-Qatar, with the other two towers Provencal and Florentine garnering tremendous investor response. SPI-subsidiary Lifestyle Homes & Properties are set to handle the sales activities for the latest addition to the tower series through its in-depth market knowledge and expertise.
"We are delighted to be in a position to launch our final tower, and we are certain that like the other two towers in the development, Tuscan will also generate an overwhelming response among investors," said John Browne MBE, Managing Director, SPI. "Tuscan is being released for sale at a time when the property market in Qatar is at an all-time high, with the country attracting interest of investors from across the globe, who have realised the true potential of Qatar's property and real estate sector."
With a built-up area of 19,692 square metres, Sabban Towers is constructed on one podium, resulting in significant economies of scale and enabling the provision of top-notch facilities in the development.
Its ideal location on the Porto Arabia marina on The Pearl-Qatar provides occupants of its lavish apartments and penthouses a magnificent view of the marina and the sea. Further, the developer has allocated over 7,000 square metres for a range of well-appointed amenities, which include a swimming pool and outdoor jacuzzi, child day-care centre, function rooms, gyms and vast landscaped parks and greenery overlooking the marina.
Through Qatar's increased initiatives to showcase its low-risk and high-yield prospects in the real estate business, the country's property development sector has drawn investor interest beyond the GCC to reach international acclaim across the globe. In line with Qatar's intensified support for developers in building sustainable communities that support conservation of energy and water resources, the Sabban Towers will be the first carbon neutral development in the Middle East, a result of the carbon neutral programme, which SPI is currently undertaking.
"Environmental protection and sustainability have always been high on the agenda for SPI, and we are proud to have pioneered the carbon neutral program in the region. We recognise our responsibility not only to ensure that we protect our environment and our atmosphere from harmful contaminants but also by providing sustainable and innovative answers to the climate change crisis. It brings us much pride that SPI is part of the solution and not of the problem by ensuring that prospective residents of the Sabban Towers will be living in a development that is environment-friendly," added Browne.
© Bahrain Tribune 2008
