Adrak Developers Signs Agreement for Sultan Haitham City’s Neighbourhood 12: Implications for Real Estate Investment in Oman
MUSCAT: Adrak Developers LLC, a leading Omani real estate investment firm, has announced a noteworthy partnership with the Ministry of Housing and Urban Planning for the development of Neighborhood 12 D (NH 12 D) in Sultan Haitham City. The formal signing of the Development Agreement occurred at the Oman Design & Build Exhibition 2024, held at the Oman Convention & Exhibition Centre.
This project represents a dedication to redefining luxury living in Muscat, featuring over 300 high-end residential units across a land area of 56,166 square meters. With an estimated investment of RO 38.7 million, NH 12 D is set to be a landmark addition to Sultan Haitham City.
The signing ceremony took place under the auspices of Dr. Khalfan bin Said al Shueili, Minister of Housing and Urban Planning.
Dr. Thomas Alexander, Chairman of Al Adrak Group of Companies, expressed enthusiasm about the collaboration, stating, "We at Adrak are honored to partner with the Ministry of Housing and Urban Planning on this transformative project. Neighborhood 12 D embodies our vision for creating luxurious living spaces that enhance Muscat’s residential landscape. We are confident this development will serve as a cornerstone of Sultan Haitham City and a demonstration of Oman’s commitment to innovation and progress."
Dr. Khalfan bin Said al Shueili also underscored the alignment of this project with the Ministry’s strategic vision, noting, "The Ministry is delighted to collaborate with Adrak Developers on Neighborhood 12 D. This project perfectly aligns with our aspirations for Sultan Haitham City, promoting a vibrant community and offering residents a world-class living experience. We believe this development will significantly contribute to Muscat’s growth and prosperity."
Ryan Maxwell, Business Development Manager at Adrak Developers, shared his excitement: "We are thrilled to be part of this exciting development. Neighborhood 12 D represents a unique opportunity to redefine luxury living in Muscat. Partnering with esteemed collaborators enhances our confidence that this project will be a resounding success."
Following the signing of the development agreement for Neighborhood 12 D, Adrak Developers has also partnered with MTDI, a globally recognized architectural and design firm, as the master developer for this ambitious project.
MTDI brings extensive experience and international acclaim to the table. Known for its innovative design approach and commitment to sustainability, MTDI has a proven track record of creating award-winning spaces worldwide.
Marek, Group Founder and Design Lead at MTDI, remarked, "We are honored to be chosen by Adrak Developers for this transformative project. Neighborhood 12 D offers an exceptional opportunity to design a vibrant and sustainable community that celebrates Omani culture while addressing the evolving needs of modern residents. We are dedicated to collaborating closely with Adrak to create a legacy project that will enrich Sultan Haitham City for generations to come."
Special Analysis by Omanet | Navigate Oman’s Market
The partnership between Adrak Developers and the Ministry of Housing and Urban Planning marks a pivotal shift in Oman’s real estate landscape, positioning Neighborhood 12 D as a cornerstone for luxury living in Sultan Haitham City. This project not only opens avenues for investors to capitalize on the growing demand for high-end residential spaces but also indicates a strategic governmental push towards urban development and sustainable living. Smart entrepreneurs should focus on aligning with such groundbreaking initiatives while keeping an eye on emerging trends in sustainable design and community-building to harness potential growth in this burgeoning market.
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