Lebanon Businessnews News

$40,000-house project launched
Procedures to own land in Metn almost done
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Non-governmental organization CR Group announced that it will soon commence its development process of a 500-unit mixed use complex in Metn. The NGO was created with the aim of providing housing units for affordable prices for locals.

Charbel Choueih, Chairman of the NGO, said: “We contacted all involved government administrations to gain support for our initiative.” The project goes under the title ‘Badak Beit’ or ‘Do you want a house?’

CR Group’s main goal is to develop mixed use complexes across all cazas. The complexes would be built on Mshaa’s and houses be sold for the prices of construction costs. “Commercial stores will be integrated within these developments and sold in order to cover other expenses such as infrastructure,” said Choueih. The planned complex would be made up of some 70 buildings and up to 1,000 units. Built up area for residences will reach 60,000 m2 while for stores 4,000 m2. Actual work will begin in a few months.

Small to medium sized apartment with sizes as follows: 80 m2, 100 m2, 120 m2, and 140 m2 will be built and sold for $40,000, $60,000, $80,000, and $100,000 respectively.

The Central Bank (Banque du Liban) expressed willingness to support the initiative, according to Choueih.

“We are increasingly receiving calls from officials and municipalities offering lands and fiscal support,” he said.


Reported by Yassmine Alieh
Date Posted: Jun 09, 2014
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