United Real Estate Company, the Kuwait-based developer, has said that one of its key subsidiaries, Mena Homes Real Estate Company, has signed a $55 million construction contract for a key residential project – Byout Hessah.
In a statement, the developer said that the project – located within the Hessah AlMubarak District – is a modern, all-inclusive neighbourhood community that will feature a mix of luxury townhouses and apartments.
The development will feature 40 townhouses and two 12-floor residential buildings with 104 upscale apartments, the statement continued, adding that these would be set amidst landscaped surroundings and conveniently located next to Hessah AlMubarak District’s retail and dining hub and other commercial components.
The contract has been awarded to Alghanim International General Trading and Contracting, a major player in Kuwait’s construction sector, said URC in its filing to Kuwait Bourse.
The entire project is due to be completed in 690 calendar days, it stated. The financial impact would be positively reflected to the project and the associate company in its future earnings, it added.