Oman-based Al Khonji Real Estate & Development (Aqar) has launched its high-end integrated residential complex (Rimal 2) featuring 148 residential units of different sizes being built near the attractive dunes of Bausher area of the sultanate.
A major free-hold property with a built-up area of 40,000 sq m, Rimal 2 is an extension of its previous project Rimal 1 and will provide all the required services and retail facilities for its residents including a commercial mall that will be linked to a similar facility at Rimal 1.
Within walking distance of the residences, it will be the largest commercial centre of its kind in the integrated residential complexes in Oman.
A leading property developer in the sultanate, Aqar pointed out that the Rimal 2 launch comes following the tremendous success of its previous project Rimal 1, whose units got sold within two weeks of its launch.
The construction works will be undertaken by one of its key subsidiaries Al Binaa Contracting Company as the main contractor and the project is due for completion by the end of 2025, said the developer at the launch ceremony.
The event was also witness to the signing of a strategic agreement with Bank Nizwa for providing finance to the bank's customers keen to buy their own residential unit at Rimal 2.
The bilateral co-operation between Bank Nizwa and Aqar is aimed at offering innovative and shariah-compliant real estate financing solutions to the customers, said Arif Al Zaabi, AGM Retail Banking at Bank Nizwa, after signing the deal with Mohammed bin Abdullah Al Khonji, the Chairman and CEO of Aqar.
"We have designed our real estate financing solutions to meet the different requirements of our growing customer base, while we are confident that, the new profitability rate is an exemplary rate for the retail customers who are interesting in utilizing the Shariah-compliant real estate financing solutions easily and flexibly," stated Al Zaabi.
Al Khonji said: "There is no doubt that the company's success of ( Rimal 1 ) and the great demand that it has received, as its units were sold within two weeks of its launch, was considered as a great incentive for us to launch our new project, (Rimal 2)."
"Aqar is thoroughly committed to developing quality real estate projects ,that are built on the modern specification and provided with integrated services," he stated.
Lauding the strategic location, Al Khonji said Rimal complex is situated in the buzzling Bausher area, which has a number of well-known commercial centres including Oman Mall, Grand Mall, Panorama and Avenues Mall within driving distance as well as other service facilities.
"Rimal 2 is offering 148 residential units of different sizes, allowing multiple options for all nationalities who would like to own state-of-the-art integrated property, along with all key amenities to cater to the needs of its residents and those in the surrounding area," he added.-TradeArabia News Service