Kuwait-owned Mazaya Residence in Oman 30% complete
Sales worth 35% have been recorded on the Al Seeb project, for which a $15m contract was awarded to Al Hajiry Trading in December 2016
The Mazaya Residence project in Oman, being developed by Kuwait's Al Mazaya Holding, is 30% complete.
Eng Ibrahim Al Saqabi, group chief executive officer at the company, said "tangible progress" had been made on the project.
Scroll down for a video outlining Al Saqabi's take on the GCC's real estate sector
An integrated compound in Al Seeb, Mazaya Residence is divided into phases, the first of which comprises 120 apartments and 28 shops.
Up to 35% of the 6,614m2 project has been sold, and construction works for Phase 2 – featuring 132 residential and commercial units – have also commenced.
Phase 2's sale is imminent, Al Saqabi said, adding that the development's delivery would begin in the second quarter of 2018.
In December 2016, Al Mazaya Real Estate Company – Oman awarded a $14.8m (OMR5.7m) contract to Al Hajiry Trading for the construction, implementation, delivery, and maintenance of Mazaya Residence.
The contract between Al Mazaya and Al Hajiry Trading was set to span a 22-month period.
Al Mazaya Holding posted net profits worth $22.6m (KWD6.87m) in Q3 2017.
The figure was higher than net profits worth $22.59m (KWD6.84m), recorded in the corresponding period of last year.
Operating revenues at the firm increased by 11.06% to $155.9m (KWD47.2m) in Q3 2017, from corresponding Q3 2016 figures, worth $140.3m (KWD42.5m).