KUWAIT CITY: Kuwait-based Alargan International Real Estate Company said work is progressing well at its retail and leisure development, Argan Square, coming up in Salmiya region with about 85 per cent of the project completed.
The project extends over 4,800 sq m, surrounded by Sabah Al Salem Street and the Gulf Road, and situated directly opposite from the American University of Kuwait. The net leasable area is 5,640 sq m.
Announcing the project progress, the Kuwaiti group said its commercial developments in Kuwait, which are located in prime areas in the country, and also its key developments in Bahrain and Oman are all on track. Khaled Al-Meshaan, CEO and vice chairman of the board of directors of Alargan International Real Estate Company, said: “We are glad to report significant progress in our developments and continued success in our rental and resort projects.”
“Revenue from these projects have increased to KD6.3 million ($21 million) in the first half, while revenue rental surged to KD1.6 million ($5.29 million) and revenue from the resort business hit KD4.7 million ($15.5 million),” stated Al Meshaan.
“Our diversified portfolio of revenue generating assets has enabled Alargan to maintain a stable level of operational activities since the beginning of the year,” he added.
In Kuwait, Alargan owns and manages high-profile resort and commercial developments which generate stable revenues from rents and leasing. These developments include the Argan Al-Bida’a commercial area, the Movenpick Bida’a Hotel and Resort and the C Club high-end fitness club. In addition to these existing developments, the company is also developing a commercial project in the growing retail area of Shuwaikh.
It will consist of a commercial complex located in the booming retail area of Shuwaikh. Currently in the final stages of design, the project is expected to make a statement and stand out in the area with an open-air design and fountains that break away from the industrial blocks surrounding it.
The complex will provide 1,950 sq m of leasable areas. Leasing for the project is targeted to commence in the fourth quarter. On Bahrain projects, Al Meshaan said the company is developing a large project in the Jeyoun Area, a key central residential area in the kingdom.
The area is well served by a road network with direct access to Sheikh Khalifa Bin Salman highway, and it is 15 minutes away from the Bahrain International Airport, he explained. The overall development of Jeyoun is divided into several phases, with construction of the Argan Village and Jeyoun Townhouses.
The 82 townhouses which were built over a 12,500 sq m area were all sold in phases and the award-winning mixed-use Argan Village is operational since the second quarter of 2016. Alargan is currently developing the next phase of the project, named Beyout Alargan, which will consist of 30 villas covering a net land area of 7,167 sq m. Demand for the villas has been strong, and has been reflected in the early start of sales based on demand.
On its Oman operations, Al Meshaan said the Telal Al Qurum development located in the Al Qurum area in Muscat has progressed significantly. It is divided into six phases that combine modern and cultural features in its mainly residential development. According to him, the first of six phases has been completed and all residential units sold.
“Phase 1 provides retail leasing opportunities planned to start in September, while Phase 2, a residential development, has sold 95 pwer cent of its 121 units,” stated the top official. Al Waha is the second flagship mixed-use development located in Al Ne’man area, west of Barka.
The fully completed development will comprise affordable residential units, community facilities such as schools, mosques, parklands, roads and substations, as well as services and amenities.
