29 July 2009
BEIRUT: Renaissance Holdings owner Georges Zard Abou Jaoude announced on Tuesday his $800 million project in Lebanon, BeitMisk, a residential community spread over 655,000 square meters in the Northern Metn region. "Lebanon has the potential to emerge as one of the leading tourist and financial destinations in the Middle East region and it is our duty to contribute to its growth," said Abou Jaoude in a press conference held at Emile Lahoud conventions center in Dbayyeh.
He added that the importance of the project stems from the fact Lebanon is looking at a new era of development with economic restructuring and growth plans being rolled out, in which the prime drivers will be tou-rism, services sector and property.
"The services sector, including tourism and finance, contribute to over 67 percent of the national GDP. Supported by expatriate remittances willing to settle again in Lebanon, there is stronger demand in Lebanon for world-class residences. BeitMisk's project will meet this demand," he said.
The project combines luxury with distinctive Lebanese village features along with a comprehensive infrastructure in addition to roads, sidewalks and trees. It includes private villas as well as three-storey buildings. The project, which can accommodate up to 15,000 residents, is mostly financed by Abou Jaoude himself with 40 percent financed by the Banque Libano-Francaise.
"Apartments sell starting at $1650 per square meter," said Emaar managing director in Le-banon Nabil Zard Abou Jaoude.
"We selected the Northern Metn region for its clean and therapeutic living environs, with moderate winters and cool summers. The area is also accessible from the coastal highway at Nahr al-Mot, and has immediate access to Beirut through the new highway. Moreover, a number of renowned educational institutions are in close proximity," he said.
Elie Gebrayel, representing Erga Group, the company charged with establishing the project's architectural studies, explained that in order to reproduce the pleasant atmosphere of the traditional aspects of the Lebanese villages, the master plan has been very keen to respect the balance between the built-up area and the open spaces by allocating major green spaces and parks along with smaller green recreational areas, constituting 75 percent of the project surface.
Abou Jaoude said the project's uniqueness does not only stand on the luxurious aspect of the residences. "This is a chance to contribute to restructuring the Lebanese economy, which is growing at an aggressive pace, because Lebanon has the potential to emerge as one of the leading tourist and financial destinations in the Middle East region and our project will help create new engines for growth."
Copyright The Daily Star 2009.
