Al Baraka developing $40 million Verdun building
Deal marks Islamic bank’s first investment in the real estate sector
Al Baraka Bank (SAL) has signed a contract with Arabian Company for Civil Works (ACW) to launch a new real estate project in Verdun.
Motasim Mahmasani, the general manager of Al Baraka Bank, said the deal marks the Islamic bank’s first investment in the real estate sector. The land and the building are both owned by the bank.
He said the investment in the project will be around $40 million. Al Baraka Bank, Lebanon, is member of the Baraka group, owned by Saudi investor Saleh Kamel.
The residential building, dubbed ‘Vertini’, consists of two blocks, the first nine stories tall, and the second 14 stories.
Hassan Jaafar, assistant managing director of ACW said: “We won the bid which the bank launched in early 2012.” He said the company will start construction “as soon as it gets the green go ” from the bank.
The building is due for delivery end-2013. Mahmasani said five percent of the project has already been sold: “The cost of each square meter starts at $4,500, and could go up to $6,250 for the upper floors."
Reported by Rania Ghanem
Date Posted: Jun 27, 2012