Lebanon Businessnews News

Waterfront City expanded
ACC-Matta main contractor of first phase
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Waterfront City, the major development lining the Dbayeh marina, has expanded its construction plan. The development increased its land area by 30 percent to 250,000 square meters.

The number of residential buildings in the project's first phase was raised to ten from seven previously, increasing the number of units to 348, up from 270. More than 70 percent of the first phase has already been sold, according to the company. The majority of buyers were Lebanese.

Waterfront City has recently appointed ACC-Matta, a joint venture between Matta & Associés and Arabian Construction Company, as the main contractor of the first phase. The cost of construction for this phase is estimated at $225 million. Local architecture firm Erga, consulting engineering company Barbanel, and DGJ Consulting will be supervising the works.

Construction has already started and the buildings will be delivered in early 2015, a one-year delay from its previous schedule. According to ACC-Matta’s estimates, the first phase will create 3,000 new jobs in the construction sector. Besides residential buildings, works include 25 retail shops, a health club, food and beverage outlets, and green parks.

Waterfront City will unfold in four phases over an estimated 15 years. In all, the project will host 1,500 apartments. It will have a total built-up area of a little over two million square meters. Prices at the development start at $3,100 and $4,100 per square meter, depending on the location.

Waterfront City is a 50-50 joint venture between Beirut-based Société Joseph G. Khoury et Fils Holding, and Emirati developer Majid Al Futtaim (MAF) Properties. MAF Properties is currently developing the City Center in Hazmieh, due to open in 2013.
Reported by Yassmine Alieh
Date Posted: Jan 08, 2013
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