Range Hospitality, a leading  real estate developer, recently hosted a cornerstone ceremony for its flagship project Al Rawdatain Residences by Shaza in Karbala, Iraq.

The event was attended by the vice chairman of Range Hospitality, Mohammed Asaria, board members of the company and senior officials from the Iraqi government. About 100 people representing reputed business families from across the Middle East, India and Pakistan were also present at the project site.

Al Rawdatain Residences by Shaza, the first branded five star hotel and residences in the Holy City,  is a 65,000 sq m, G+12 hospitality development, located just 1km from the holy shrines of Imam Hussain and Hazrat Abbas. The development will be the largest five-star hotel and residences in Iraq.

Munaf Ali, CEO Range Hospitality, said: “We are pleased to announce that with the continued support of our stakeholders, construction continues to advance. Construction started on the site in Q2 2011 and steady progress has since been made. Over 6 metres in depth of earth has been excavated. The foundation works have started and the gravel bed is being laid.”

“Our construction cost is fully secured and Al Rawdatain Residences is scheduled for handover in Q3 2013,” Ali said.

Board member Ibrahim Al Daaysi said the company is currently planning to launch similar projects in other religious destinations including Najaf.

“We would also like to announce that we have committed to donate 20 percent of our annual profits to charities under the direction of our charitable donations committee which will benefit the local community,” Al Daaysi said. 

With over 600 fully furnished and serviced suites, Al Rawdatain Residences by Shaza aims to address the demand for quality accommodation from pilgrims.

While explaining the unique investment proposition to the attendees at the event, Ali said:  “Al Rawdatain Residences is accessible to everyone through our unique Shariah compliant fractional ownership proposition, Mulkiya Intifa’a.”
 
“The contract allows buyers to exchange their unit or resell, gift or transfer their ownership. Prices start from as low as $5,500 to own a studio suite for low season period for the next 50 years. This equates to $5 per bed per night,” he added.

Range Hospitality has offices in UAE, UK, Kuwait, Pakistan and Bahrain. – TradeArabia News Service