Muscat – 14 August 2018

Majan Development Company has started developing residential units for Al Muzn Residence with an investment cost exceeding RO 7 million

Majan Development Company SAOC has announced that it has commenced the development of the third phase of the Al Muzn project, which consists of the construction of residential units in the complex located in Mawaleh North, opposite the Al Mouj Muscat and a number of commercial centers.

Mohammed Bin Abdullah Al Kindi, CEO of Majan Development Company, said the project is a new addition to the company’s other mixed-use projects. The project is a 127-unit high-rise apartment complex with 13 commercial showrooms and facilities to ensure the highest levels of well-being for residents.

He added that the investment cost of the project exceeds RO 7 million, and occupies an area of ​​6 thousand square meters,  and a total built up area of ​​ 20,000 sqm , on 5 floors includes parking and all facilities to be as a residential complex and commercial integrated services.

The residential units project is considered a continuation to the mixed-use Al Muzn complex in the same location, preceded by the commercial center Al Muzn Mall and a 3-star hotel, which will be opened during the first quarter of next year, followed by other projects to complete Al Muzn Complex.

The residential apartments in Al Muzn project have been designed on different areas and sizes ranging from 75 to 140 square meters where there are apartments consisting of one,  two and three bedrooms with all the Amenities.

In order to ensure luxury and provide a complete residential and commercial complex, the residents of the project will enjoy the integrated facilities of a garden, green spaces, a gym and a swimming pool, ensuring adequate parking for cars and family entertainment.

The construction of the project was initiated by Al Subhiah Trading & Contracting LLC as the main contractor.

Sheikh Khalid Bin Abdullah Al Khalili, Chairman of Al Subhiah Trading & Contracting LLC, said: “We are delighted to be part of Al Muzn Projects in and the construction of residential units which the third phase of al A Muzn complex in Al Mawaleh North. The company has completed the construction work of Al Muzn Mall and has been successful in meeting the due date on time, reflecting the confidence of Majan Development Company SAOC in our company. He further said, the residential units project execution shall be completed within 18 Months.

Majan Development Company SAOG has appointed Tibiaan Properties to exclusively market and sell of Al Muzn Residence project.

“We are delighted with this partnership with Majan Development due to Majan’s a sound reputation in the market,” said Fahad Bin Sultan Al Ismaili, Chief Executive Officer of, Tibiaan Properties, adding that Tibiaan will invest its experience in the real estate field spanning more than 15 years in the Sultanate, with remarkable success in various similar projects.

Al Ismaili added that the Al Muzn residential project is one of the most distinguished projects in the Sultanate in terms of its modern designs and facilities, as well as the strategic location in Mawaleh North neighborhoods adjacent to Al Mouj Muscat and Al Hail Beach, which is located in a prime area of ​​commercial and health centers and close proximity to Muscat International Airport.

The project will be officially launched before the end of this year. Tibiaan Properties will set up outlets to market and sell  Al Muzn residential units, which will be located in some commercial centers .

 

Majan Development Company is a closed joint stock company established by a group of state and private pension funds and some investment companies and banks from within the Sultanate and the Gulf States. The company has been holding several investment projects in the multi-use real estate sector since its inception in 2008.