New ‘Community on a Hill’ in Beirut
Mena Capital planning three-building gated project near train yard in Adlieh
Bella Casa, a new three-building gated community in Adlieh, will be launched soon. The project, devised by the Beirut-based financial institution Mena Capital, will be set atop a small hill at a confluence of major roads leading into Beirut.
Mena Capital is focused on real estate development and private equity fund management.
Nabil Sawabini, chairman and CEO of Mena Capital, said that the majority of units on offer are small from 120 to 270 meters square with a few as big as 300 meters square. Prices start at just under $3,000 per square meter.
“The tallest building we have is 28 stories. The highest priced units will sell for just over $4,000 per square meter,” said Sawabini.
The project includes landscaped gardens, a gym, swimming pools, playground, and ample parking. It is situated close to the disused Nahr train yards.
Sawabini said that the company purchased the land in June 2011 at $3,500 per square meter. Nine months on and land in the area has shot up to $5,000 per square meter. “We have had to walk away from many projects over the past two years because prices were too high,” said Sawabini. The official launch of the project is set for May 25.
Reported by Hani Bathiche
Date Posted: May 07, 2012