Kuwait Projects Company (Holding) announced on Sunday that the infrastructure work for Hessah Al Mubarak District has been completed.

KIPCO is the master planner of the mixed-use project.

The company said in a press statement that the infrastructure was completed by the end of 2017 by Al Ahmadiah Contracting and work is underway to hand over components of public facilities to government entities.

Faisal Al Ayyar, KIPCO’s executive vice chairman said developers can start construction work once the handovers are complete.

He said: “Once all necessary handovers of public facilities to government entities is complete, developers can begin construction work on land plots. This includes our real estate arm, United Real Estate.”

Hessah Al Mubarak District was launched in 2016 as Kuwait’s first-ever comprehensive, mixed-use development. The project would be developed across 227,066 square metres of land and would have a total built-up area of 381,000 sqm, of which 70 percent would be dedicated to residential units, KIPCO said in a September 2016 press statement. The statement said the master plan comprises of 82 plots, adding that the entire development is scheduled for completion in 2020.

In September 2017, the company said in a stock exchange statement that it is buying 20 plots in the project for 119 million Kuwaiti dinars ($ 397 million) through its units and associates. The company said it will hold 36 percent of total land of the project in its statement to the Kuwait stock exchange (Boursa Kuwait).

(1 USD = 0.30 Kuwaiti dinar)

(Writing by Anoop Menon)

(anoop.menon@thomsonreuters.com)

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