Waterfront City contract with
A.R. Hourie for second phase
282 residential units and facilities to be delivered by 2018
Waterfront City has appointed A.R. Hourie as a main contractor to begin the second phase of the project, which will include the construction and delivery of the residential plots of the ‘Piazza’ and ‘Boulevard’ districts.
“We have studied several proposals from contractors who were interested to partner with us in building Waterfront City,” said Samer Bissat, Senior Development Director at Waterfront City Majid Al Futtaim Properties- Communities. “The selection of A.R. Hourie as our contractor for the Piazza and Boulevard residences was made through a tender, based on the company’s track record, as well as the evaluation of its quality control programs, including equipment and visits to work sites among other sorting qualifications,” he said.
The value of the deal is approximately $80 million, according to Ramzi Salman, Chief Executive Officer of A.R. Hourie.
The second phase of the project will comprise six buildings, with residences ranging from 75 to 200 square meters. The Piazza will include 105 units consisting of one to four bedroom apartments and green spaces, while the Boulevard will have 177 units, with one to three bedroom apartments, offering contemporary living spaces, including courtyards with secure play areas for children.
“Already 80 percent of this second phase has been sold to Lebanese buyers, a majority of whom, about 90 percent are resident, while the rest are expatriates,” said Bissat. The real estate sector in Beirut’s suburbs, like Dbayeh, is flourishing, unlike the capital where a slowdown is prevailing, according to Bissat.
The Piazza and Boulevard residences will be delivered by 2018. “Construction works have already begun on the ground,” said Bissat. “We expect A.R. Hourie to deliver the second phase on time, unless any unexpected event happens due to unstable economic and political conditions,” he said.
Waterfront City Dbayeh is a 250,000 m2 master-planned community located on the 700-berth of La Marina Joseph Khoury. The project is a strategic partnership between Majid Al Futtaim Properties and Société Joseph G.Khoury Et Fils. The project blends maritime lifestyle with leisure, hospitality, business and retail components.
“The remaining phases of the Waterfront City project will be moving right on schedule, and each phase is to get started once it is ready, in terms of design and marketing,” said Bissat. “The real estate local sector may witness some adjustments or difficult moments from time to time, but it is a profitable long term investment,” he said.
Reported by Leila Rahbani
Date Posted: May 12, 2015