in the Middle East
$500 million residential and hotel in Kornet Sawda
A mixed-use touristic project called Al Kumma is being planned in Kornet Sawda in the North, at a 2,400 meter altitude. The developer is Realis Development, a project management company owned by the Ghanem family. They also own G One Group, a real estate developer. Investment in the six-phased project is $500 million.
Patrick Ghanem, Executive Manager of Realis Development, said around 30 percent of the project will be financed through bank loans. Another 30 percent will be raised through an equity fund. The family also owns a finance company in Abu Dhabi.
A Canadian company is conducting the master plan of the project. Construction of the infrastructure of the entire project will start in summer.
The project will be built on a 420,000 square meter (m2) plot. The total built-up area is 250,000 m2. It will include a hotel, club house, wellness-center, and entertainment facilities, 650 chalets, 70 villas, and a ski trail. The residential units will be available for sale or rent.
The first phase of the project will be completed in four years and built on a 50,000 m2 plot. It will include a 40 room boutique hotel and a therapy spa.
The cost of the first phase is around $100 million.
Date Posted: Jan 03, 2017