UK-Oman JV $455m housing projects
Oman-based Al Raid Group has entered into a joint venture agreement with British developer Consero London to develop up to $455 million of luxury residential property across Oman and the wider Middle East over the next 5 years, according to reports in the British and Gulf media.
The partnership will start with the establishment of a new 12-person office in Muscat, for Consero Design — the interior design and project management division of Consero London. Saraya, the architectural design and project management division of the Al Raid Group, will act as lead consultant to Consero Design.
The first project to be undertaken by the joint venture will be a residential development of 14 large contemporary villas, each around 5,000 sq ft in size, surrounded by large terraces and set in landscaped gardens. The project will begin this summer, prices likely to be up to £1m each. The new properties will be marketed under a new Saraya Consero brand name.
The joint venture will then focus on developing luxury apartments, penthouses and large villas in locations including Muscat, Shatti Al Qurum and Al Khuwair and some of the Sultanate’s tourism sites where foreign property ownership has been allowed since 2002. The partners’ aim is to look at real estate opportunities in the wider region after establishing a strong presence in Oman.
Robert Osborn, co-founding director of Consero London said: “Our companies have entered into this exciting joint venture following the success of an Oman based pilot project where Saraya and Consero London worked alongside each other.
This Oman pilot project created a luxurious 12,000 sq ft mansion which took three years to build and was completed in December 2014. This joint development demonstrated to the boards of both companies that we work well together and the fusion of our skill-sets creates a real estate product of exceptional quality. We have developed an excellent relationship with Saraya who are a leading specialist in high quality architectural design and project management in Oman.”
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