Restaurant cluster project
planned in Ramlet el Bayda
Project is joint venture between Venture Group and Khalil family
Sunset, a restaurant cluster concept, has been launched in Ramlet el Bayda and will be completed in spring 2020. The project is a joint venture between Venture Group, a hospitality concept development company owned by Marwan Ayoub and Rabih Saba, and CTD Development, which is owned by the Khalil family and is represented by Karim Adel Khalil.
Venture Group is both the developer of the concept and the operator. CTD is the landowner and investor. The contractor for the project has not been assigned yet.
The total built-up area of the project is 3,600 square meters (m2), on a 10,000 m2 land lot. It will comprise restaurants, cafes, pubs, a kids’ playground, and a beauty spa. It will also have parking for 350 cars.
The cluster will include 15 outlets all with sea views, distributed over two floors. Rabih Saba, Managing Partner at Venture Group, said: “The project is designed to operate on an all-year-round basis.”
Investment in the project is around $25 million, excluding the cost of the land. The project will create 400 job opportunities.
The Sunset project has gained incentives from the Investment Development Authority of Lebanon (IDAL), including exemption from income tax for a ten-year period, and deductions on cost of the construction permit, as well as other benefits.
Saba said: “IDAL’s support will lower the cost and will allow developers to provide affordable leasing prices.” Venture Group usually takes a percentage of sales and a minimum guarantee which differs between one brand and another. But, according to Saba, leasing prices will range between $1,000 and $1,300.
Date Posted: Apr 12, 2018