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Summary: Sadiq Jaffer Sulaiman, CEO of Maysan Properties, talks about the companys upcoming project, Rose Village a 39-villa residential complex to be developed in Muscat Hills freehold community. Excerpts from an interview

Maysan Properties entered into a land development pact with Muscat Hills recently. Can you share with us details of this agreement? The partnership with Muscat Hills is based on mutual trust and a shared vision. The agreement was for the development of an 11,000 sq m residential complex, a town house community called Rose Village, within the Muscat Hills freehold community, offering a new lifestyle experience.

What are the salient features of Rose Village? Located in Muscat Hills, Rose Village is unique in style and contemporary in design and is a sub-community within a master plan. Every square metre of the property proclaims luxury and exclu- sivity, from the lines and contours of the buildings to fine finishes and top-of-the- line amenities. With superior planning, thoughtful features and distinct design, Rose Village will comprise 39 villas, each equipped private rooftop swim- ming pools, personal barbecue terraces, panoramic view through double-glazed windows etc.

The pool area will be on the terrace with a view of the golf course. The residents at Rose Village will also have walkways, a play area and individual parking lots.

Rose village is within easy access to business districts, premier hotels, gourmet restaurants, and designer stores that make up Muscats new lifestyle hub.

When the construction is expected to begin? And when will phase 1 of the project be ready? We are looking to break the ground at the end of this year. We are waiting the final green signal from Muscat Municipality. The construction is expected to begin on the first quarter of 2019 and the project will be completed within 18 months from the date of commencement.

The whole project will be constructed at one go. However, we have divided it into two phases for the convenience of sales. We have sold almost 50 per cent of phase 1. The second campaign will start in the first week of November and will run for two months.

Are you concerned about the current slowdown in Omans real estate market? And which are the key foreign markets you are eying?

We are here for the long term and therefore want to do business both in the upper and down market segments. However, we believe there is a demand for our products because of their specific features and quality as well as the prices we are offering.

Our prices are attractive compared to other ITC and townhouse projects. We are within the affordable segment. At the same time, we have not compromised on quality. This is an ITC project that Omanis and Non- Omanis can own as well. There are a lot of privileges for Non-Omani owners such as Resident Visas, Capital Growth & Rental Yield.

We are planning to have a roadshow in Kuwait and Qatar to market and promote Rose Village.

Give us a brief about Maysan and your future plans? Maysan Properties is a newly established real estate development company based in Oman. It aims to deliver elegant and creative solutions through innovation, teamwork and knowledge built on a heritage of trust. Maysan Properties focuses on the importance of design and quality, sustainability, dependability, luxury and value. The major shareholders of the company include well known business families in Oman such as Mehdi. Rose Village is our first project and there will be further projects coming up in the future. We are looking to target a new project every year. We are planning to launch a mixed-use project, a mixture of retail and apartment facilities. It will be quite a sizable project in Muscat, in the affordable segment.

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Publication:Oman Economic Review (OER)
Date:Nov 17, 2018
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