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Majan Gulf Properties Launches Phase I of Springs Compound
Majan Gulf Properties LLC (MGP), designers and developers of the 'Sohar Residential and Commercial Project' in the Wilayat of Sohar, announced the launch of the 1st phase of the luxurious 'Springs Compound' project at a press conference recently.Comprising 75 double - storied villa style residences in the first phase, the 'Springs' Compound combines Omani architecture with contemporary Arab cultural construction and is the only project of this nature in the Wilayat of Sohar. The villas' interior design is a combination of Arabic and Western one. Strategically located in the fastest developing industrial bay in Oman, the Springs Compound seeks to cater to the growing real estate demand accelerated by the city's rapid industrial growth and influx of residents and tourists alike.

Speaking on the occasion of the launch, Mr. Bader Al Hamdani, Marketing and Sales Manager, remarked, 'The growing residential demand in Sohar due to the pace of its industrialization is faced by the challenge of scarcity in such real estate projects. Additionally, the current devaluation of currencies has had a negative impact on financial investments. In the light of these situations, investment in real estate poses as an ideal alternative to most investors today and hence has propelled the demand even more. Springs Compound, in this regard provides a unique opportunity due to its location amongst other features. The yield in Sohar is reaching 15%. Moreover, potential buyers have easy financing options from banks across the country,' he added.

On the progress of the 1st phase, he said, 'The Springs compound is 70% complete and is expected to complete by May 2008. We keep the public constantly updated on each month's development through our website which is dedicated to the Springs Compound. Timely delivery is a core constituent of our overall marketing objective. We realise that adhering to our promise of timely delivery is an important factor in instilling confidence in our customers. For the 50% down payment upon booking the property, the buyer benefits by constantly monitoring the construction and he is doubly ensured since there are concrete developments on site.'

The 1st phase of the Springs Compound project, comprising 75, villas project has been financed by National Bank of Abu Dhabi (NBAD) and forms a part of the first component of this project. 'The Springs Compound' is spread over a total area of 63,758 m² comprising 129 luxury villas in all, with different variations ranging in size from 200 m² to 220 m². Each villa is extended on two storey, a ground and first floor levels, with a private landscape area, two outdoor parking lots as well as private services.

Commenting on the launch of the 1st phase, Mr. Saeed Salim Al Mubarak, Regional Manager, NBAD Oman said, 'NBAD is pleased in having been associated with Majan Gulf Properties in financing their start up project the development of which has progressed satisfactorily and wish the project all success.'
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