Summerland’s ‘The Village’ unveiled
More than 20 percent of apartments have been sold, average price per sqm $20,000
Société Générale d'Entreprises Touristiques SAL, owner of the Summerland hotel, has launched its new high-end residential project ‘The Village’, part of the Summerland Kempinski Hotel & Resort.
Located on the seaside of the Chiah area, the project covers a total built area of 75,000 square meters. The total cost of the project is estimated at more than $200 million.
Société Générale d'Entreprises Touristiques is chaired by Walid Saab. The other shareholder in the company is Saudi Prince Mutaib Bin Abdul Aziz.
Patrick Carnaby, managing partner of Carnaby Real Estate - the company in charge of sales at The Village- said that 22 percent of the apartments (16 units) have already been sold. The average price of each square meter is $20,000. The buyers were all Lebanese.
The Village has 73 apartments composed of six different floor plans. These include 42 small apartments between 106 and 129 square meters, with one or two bedrooms, 14 medium-sized apartments between 226 and 255 sqms with three master bedrooms, and four large apartments between 400 and 420 sqms, with five bedrooms. The Village also includes two duplexes (around 500sqms each), and 11 penthouses of areas between 106 and 129 sqms. The residential project will be completed before January 2012.
The Summerland Kempinski Hotel & Resort includes 151 suites. The hotel, managed by Kempinski global brand, includes restaurants, lounges, a health club and spa, and a marina with a capacity for 50 boats. The hotel is expected to be operational during the first quarter of 2013.
The project is being developed by local developer Matta et Associes SAL in a joint venture with Italian contractor Rizzani de Eccher.
In 2010, Summerland’s project received a package of benefits from Investment Development Authority of Lebanon (IDAL). The benefits include a full exemption from income tax and tax on distribution of dividends for a period of ten years in addition to a full exemption from fees pertaining to annexation, subdivisions, real estate insurance, and registration of lease contracts. The project benefits from a 50 percent fee reduction on work, residency, and construction permits.
Date Posted: Oct 19, 2011