The Al Raid Group of Oman and British luxury property developer Consero London have embarked on a venture to develop luxury residences worth £300 million ($454 million) in gross development value across Oman and the wider Middle East over the next five years.
As a start, the partnership will set up a 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, providing it with local knowledge, contractor network and local project management expertise.
For its part, Consero Design will provide British design excellence, product quality and specification innovation for which the brand is renowned in the UK.
The first project will be a luxury 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 scheme will be located in a prestigious district of the capital Muscat. The villas are best described as being a Middle East version of Kensington’s famous Phillimores development and will set a new benchmark for quality and luxury for European style homes in the Oman property market, the company said.
The project will commence in summer 2015 with prices likely to be up to £1 million ($1.52 million) each. The properties will be marketed under the Saraya Consero brand name.
As part of the marketing for the joint brand, the partners will build a stunning four-bedroom show house and marketing suite which is scheduled to be ready by the middle of this year.
Once these initial activities are undertaken, the venture will 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 Integrated Tourism Complex locations where foreign property ownership is allowed.
Once a strong presence and sales have been established in Oman, the partners will look at real estate opportunities in the wider GCC.
In addition to core business under the Saraya Consero brand, the partners have also agreed to roll out a “diffusion line” aimed at the broad middle market.
The first of these projects, with architecture by Saraya and specification by Consero Design, will be the Mumtaz project near the Qurum Hills district. This development will provide 264 one- and two- bedroom apartments and penthouses scheduled for launch in early 2015.
Sheikh Fahad Abdullah Al Araimi, Chief Executive Officer of the Al Raid Group, said: “We are delighted by this new agreement which will fuse the Al Raid Group’s real estate strength, design excellence and local knowledge with the outstanding British product quality and innovation for which the Consero London brand is renowned. By aligning the Saraya and Consero brands we are creating an exciting fusion product which will deliver a high quality residential offering that will set new benchmarks in the local marketplace. There is a sustained demand for luxury apartments and large villas in Oman from both domestic, wider GCC and international expatriate buyers.”
Robert Osborn, Co-Founding Director of Consero London, said: “Our companies have entered into this joint venture following the success of an Oman-based pilot project where Saraya and Consero London worked alongside each other. This 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 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. For us, Saraya was the partner of choice for our entry into the Omani and wider GCC.”
To oversee the venture, there will be regular meetings in Oman with a team involving Woaud Al Araimi, Co-Founder & Managing Director of Saraya; Robert Osborn, Co-Founding Director of Consero London; and the joint Managing Directors of Consero Design, Emma Lawrence and Marcella Dunne.
Founded in 1974, the Al Raid Group is one of the largest diversified corporations operating in Oman. The group’s activities include real estate design and development, oil and gas operations, retailing, jewellery and luxury brands.
Tracing its origins back to 2004, Consero is a multi-award winning luxury developer undertaking both direct development for prestige market sales and design and build projects for private clients. Consero London creates luxury residences with “stately home” quality architecture and interiors and has successfully completed and sold a portfolio of properties valued at over £1 billion (($1.52 billion).
These include projects like the stunning Furze Croft mansion, which we featured on Dec 6, 2014.
The Oman real estate market is estimated to be worth over £2.4 billion ($4 billion) per annum, within a wider economy which is valued at over £47.8 billion ($72.48 billion). Oman’s economy enjoys an AA1 Credit Rating, and its economy has grown at 5 per cent per annum over the last couple of years.
Since 2002 the real estate market has been open to foreign investment, first from GCC nationals, and since 2006 for international expatriates and investors. There are allocated Integrated Tourism Complexes - property development, leisure and tourism hubs - which are open to international real estate investors.
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