09 February 2012
BEIRUT: Your home, your office, your favorite restaurants and shops, an entertainment park for your kids and much more, all in one complex. An integrated community to the north of Beirut is what one real estate developer is promising to deliver as early as 2014.
Fifteen km northeast of Beirut on the seafront of Dbayyeh, Waterfront City, a nearly $2 billion investment that will generate more than 10,000 jobs, will be completed in four phases over the next 15 years. The first phase is expected to be completed in two years, including seven buildings, cafes, restaurants and a retail zone.
The project, a joint venture between real estate developer Joseph Khoury holding and Dubai-based Majid al-Futtaim properties, is the first of its kind in Lebanon, offering the Lebanese an alternative residential and business center to the crowded districts of Beirut.
“Blending between the urban-like environment of the capital and the refreshing tone of the Metn area, Waterfront City will stand as a new model of an integrated society,” head of Business Development at Majid al-Futtaim properties Alain Bejjani says.
Bejjani says Waterfront City would not only offer its residents the business facilities of Beirut but also a community experience with all the amenities that cater to the various segments of the market, including middle- and high-income young couples, families and executives.
“The vision is to create a city anchored by a very important retail destination, hotels, residential units, an office park ... in an integrated way that provides a lifestyle proposition on the Mediterranean that is totally different from what you can find elsewhere in Lebanon or the MENA region,” Bejjani says.
“Waterfront City will provide all the modern business requirements while being a living space destination for people looking to buy an apartment as their primary investment.”
About 75 percent of residential units yet to be completed in phase one were so far sold to clients, 95 percent of whom are Lebanese.
The entire project covers 193,600 square meters of land, including 5,000 apartments, office spaces, an international hotel, a shopping mall and diverse community amenities.
The Waterfront City is part of 1,000,000 square meters of Joseph Khoury’s reclaimed land and includes a Marina that accommodate yachts and small- to medium-sized boats.
The execution of the remaining phases mainly depends on the demand for the units, Bejjani says.
“We are seeking to build a vibrant living space and community rather than another empty area. The residential units range from two-bedroom apartments to penthouses that were being sold at a starting price of $2,800 per square meter up to $6,000, catering to the various sectors of the market,” Bejjani says.
While today’s technology allows businesses to operate remotely, easy commuting remains an important missing factor in many business communities, according to Bejjani.
“One of the main drivers of a business is how pleasant the environment is, which Waterfront City is offering as part of an integral community,” Bejjani explains.
Waterfront City will most likely turn into a tourism destination for Lebanese and foreign visitors looking for entertainment at the Marina front.
The project’s positive economic impact on the Metn region is becoming more visible with the employment of construction workers, architects and designers, among others, with an estimated 10,000 jobs to be created by the time the project is complete. After that, hiring in hotels, restaurants and retail stores begins.
Unlike other business developers, Bejjani says that Waterfront City owners aren’t interested in drawing investors or listing the project on the Beirut Stock Exchange as in the case of the giant real estate development company Solidere.
“We are the investors and we are committed to long-term property and asset management,” he says.
However, privately owned outlets within the project will still have to comply with a set of business-friendly regulations imposed by the developer, such as the offerings of restaurants, in a bid to guarantee a quality environment and a pleasant stay for residents.
While outlets will be open to the public such as the promenade and the Marina pedestrian area, residents will have privileged access to court yards among other parts of the project.
The developer will also handle maintenance and infrastructure works.
“All infrastructures such as roads, footpaths, lighting and security – are being handled by the developer to guarantee a pleasurable experience for residents and visitors,” Bejjani said.
The developer is cooperating with relevant Lebanese authorities to ensure ease in incoming and outgoing traffic.
“Even shortsighted developers should be aware of the importance of issues such as traffic because it will harm their project in the first place as visitors will shy away from a congested location and we are very aware of this,” Bejjani says.
Copyright The Daily Star 2012.
