Lebanon Businessnews News

SAYFCO beach resort in Zouk
Project will include hotel, chalets,
marina, food and shopping outlets
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Local real estate developer SAYFCO Holding will officially launch its first beach resort in April 2014. The project will be located in the Zouk area. “We had been receiving hundreds of requests for a beach resort so we decided to launch the biggest such project in Lebanon,” said Chahe Yerevanian, Chairman of SAYFCO. Delivery is expected in four to five years from now.

According to Yerevanian, Zouk is the most demanded area north of Beirut. It is close to Beirut and is not affected by the massive traffic going towards areas like Tabarja. “There are no modern resorts in Zouk. All existing ones are over 30 years old.”

The project will comprise chalets sized between 50, 75, and 100 square meters, starting at $300,000. It will also include a five-star boutique hotel and Spa with 75 to 100 rooms. “We will appoint a management chain to handle the hotel, but we have not made a decision yet.”

The project will feature Olympic pools, a water park, a marina and yacht club, a private sandy beach, and children’s playgrounds, along with restaurants and shops.

The total space of the land reaches 50,000 square meters. SAYFCO also has a license to reclaim another 50,000 square meters from the sea, bringing the project’s total space to 100,000 square meters. The built-up area will total 188,000 square meters, including underground parking lots.

Yerevanian said that the market value of the project, or its total projected sales, is around $800 million.

He said that despite the crisis, he has always believed in the local market, and continues to be willing to invest in it. SAYFCO delivered more than 3,500 residential units in the past three years.
Reported by Rana Freifer
Date Posted: Nov 28, 2013
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