Lebanon Businessnews News

Beit Misk launching ‘Acacia’ apartments
First phase of $800 million-community project to be delivered by end April
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Beit Misk will be launching a new five-building complex dubbed ‘Acacia’ next week (second week of March) at an invitation-only gala event targeting potential resident Lebanese buyers. “We created a product for newly weds, young couples, local employees; something they can afford. Acacia is reserved only for Lebanese (buyers),” said Nadine Keyrouz, sales manager for Beit Misk.

The neighborhood will consist of small apartments measuring from 185 square meters to 195 sqms. All units will have a view of Jounieh and the sea. Keyrouz said that Acacia is due to be completed before June 2014.

Beit Misk will be delivering the first two neighborhoods of the gated community by the end of April this year. The neighborhoods of ‘Miska’ and ‘Amber’ include three unit sizes: 180 sqms, 205 sqms, and 265 sqms and all have a sea view of Beirut. Buyers in these projects are a mix of local residents and expatriates, and among them are some of the first clients who bought into the project back in 2009.

The first phase of the project includes 138 units in all, 18 town houses and 110 apartments. Buildings are a mix of modern and traditional design. Once completed, Beit Misk’s 1,800 units, from apartments to villas, are expected to house up to 7,000 residents.

The $800 million- project, announced in 2009, is developed by Emaar Lebanon. Beit Misk is owned by Renaissance Holdings, in which former chairman of the Lebanese Canadian Bank, Georges Zard Abou Jaoude, is a majority shareholder. The project is mostly financed by Abou Jaoude, with 40 percent financed by the Banque Libano-Francaise (BLF). BLF has the exclusivity for granting housing loans for all residences within Beit Misk.

by Hani Bathiche
Date Posted: Mar 07, 2012
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