Construction

MAF Properties records 50% growth in sales during 2013

Communities’ portfolio comprises of three impressive projects being built on four million square meters of landmass in three countries

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The Communities Business Unit within Majid Al Futtaim Properties has recently announced its sales results for 2013 in which it recorded over 50% growth in sales.

The Communities Business Unit employs 80 professionals who work diligently to bring people, businesses and services together while creating sustainable communities with a strong sense of place and belonging.  The communities’ portfolio comprises of three impressive projects being built on four million square meters of landmass in three countries.

Al Zahia, the first fully integrated residential community in the heart of new Sharjah, will offer a family-focused environment with modern amenities featuring a range of detached and terraced villas, apartments and office units.

The master-planned mixed-use project will see the development of 2,000 homes, a business park, retail outlets and associated landscaped community facilities. The development covers 1.3 million square meters of land and 51 villas will be delivered as part of the first phase.

The Waterfront City project, located in Dbayeh Seaside, Beirut, Lebanon, developed in strategic partnership with Joseph Khoury Group the company is building 1,600 homes that will also see the development of a shopping mall, two hotels with 350 rooms and a business park.

Overlooking the Mediterranean Sea and located 15 minutes from downtown Beirut, the master-planned mixed-use development will be surrounding a 700 berth La Marina Joseph Khoury. It will cover a landmass of 250,000 square meters.

The Wave, Muscat, an oceanfront mixed-use destination, developed in strategic partnership with Government of Oman, the developer has already delivered 1,000 homes with a further 2,500 homes being developed. It is located on a 6 km stretch of natural beach at the heart of Oman’s thriving capital city, and is within a 10 minutes’ drive from Muscat International Airport.

When completed, it will have four hotels and resorts with 1,000 guest rooms and 77 serviced apartments. Its waterfront will include a marina with 400 berths and an 18-hole golf course designed by Greg Norman.

The company’s current Communities project portfolio is comprised of three projects in three countries:

– Al Zahia Sharjah, UAE is a joint venture between Majid Al Futtaim Properties and the Government of Sharjah through Sharjah Holding

– Waterfront City, Beirut, Lebanon is a strategic partnership between Majid Al Futtaim Properties and Societe Joseph G.Khoury Et Fils Holding

– The Wave, Muscat, Oman development is a strategic partnership, forming a joint venture between Majid Al Futtiam Properties and the government of Oman

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