Saraya Bandar Jissah, the company developing Oman`s luxurious Integrated Tourism Complex (ITC) in Muscat, has taken a significant step by partnering with Bank Muscat and BankDhofar to finance development of the ITC property.
Dubbed as one of the largest real estate financial transactions in the Sultanate in recent years, the agreement Saraya Bandar Jissah has signed with Bank Muscat and BankDhofar for development finance is valued at USD275 mn (Approx. OMR106 mn). Under the terms of the agreement, the entire first phase of the development will be financed to the developer.
The first phase of Saraya Bandar Jissah comprises two beachfront Jumeirah Group hotels, three exclusive residential zones – Zaha, Nameer and Wajd, comprehensive recreational facilities and staff accommodation.
The agreement was signed by Sheikh Hamood bin Sultan al Hosani, CEO of Saraya Bandar Jissah, AbdulRazak Ali Issa, Chief Executive of Bank Muscat, and Abdul Hakeem Al Ojaili, Acting CEO of BankDhofar at the Saraya Bandar Jissah site near Qantab.
Sheikh Hamood, CEO of Saraya Bandar Jissah, shared his thoughts at the signing ceremony, noting, “The agreement between Saraya Bandar Jissah, Bank Muscat and BankDhofar – the largest banks in the Sultanate, is of great strategic importance. The development agreement with the two banks provides an ironclad guarantee to our customers that their properties will be delivered within the stipulated deadline irrespective of the market dynamics. Our partnership with the local banking community will help potential buyers envision their dream home, and help make it a reality.”
Saraya Bandar Jissah has constantly made efforts to understand the market dynamics which are increasingly demanding superior properties, while potential purchasers are assured of timely completion and property handover. Construction activity for the development began in year 2012, well ahead of the original sales launch, and through their partnership with the government owned Omran – the tourism development investment arm of the government, Saraya Bandar Jissah is able to offer assured delivery timeframes for local and expatriate property buyers wishing to invest in the ITC.
AbdulRazak Ali Issa, Chief Executive of Bank Muscat, said: “As the flagship financial services provider in the Sultanate, Bank Muscat is pleased to partner with Saraya Bandar Jissah, which is truly a visionary development. The financing agreement marks an important milestone in the development of the Omani real estate sector and reiterates Bank Muscat’s commitment to strengthen institutional participation sustainable real estate projects.”
“The agreement further reinforces our strategy to provide developers like Saraya Bandar Jissah with an array of banking products and services to finance assets. We recognise that premier real estate developments like Saraya Bandar Jissah support the Sultanate’s growth outlook and further reinforce core economic sectors, in this case the tourism industry and the real estate sector. Saraya Bandar Jissah is a leading, trusted developer and we look forward to seeing the development become one of Oman’s most prestigious new addresses when it opens,” he added.
“Saraya Bandar Jissah is a reputed and exquisite addition to the real estate and tourism sector, and therefore we are pleased to provide the developer with customised finance solutions. This agreement marks yet another significant accomplishment for BankDhofar. As a proudly Omani bank, we are pleased to finance a project of such national significance. The agreement reinforces our capabilities and commitment to continually collaborate with local and international developers towards supporting key strategic projects that contribute towards Oman’s economic growth and prosperity,” said Abdul Hakeem Al Ojaili, Acting CEO of BankDhofar during the signing ceremony.
As progress at Saraya Bandar Jissah continues at pace, three premier residential zones are currently on sale –Wajd Residences, Nameer Island and Zaha. Units on the Nameer Island are available in 3 and 4-bedroom configurations, and have been eagerly awaited by buyers who seek the lagoon front aspect and stunning views of the Al Hajar mountain range, as well as the exclusive privacy offered to residents within the island. Zaha, the first residential zone to come to market, is a mix of 3 and 4-bedroom villas, 3-bedroom duplexes and 2-bedroom apartments. The Zaha residential zone offers properties that are in close proximity of the recreational club and offers a variety of picturesque views of the landscaped park, flowing lagoon and sweeping seascape beyond.
“This agreement with Bank Muscat and BankDhofar validates the importance of the relationships Saraya Bandar Jissah has cultivated in Oman over the years. Saraya Bandar Jissah is extremely happy to collaborate with the two banks and we anticipate that our partnership will continue beyond this transaction,” added Sheikh Hamood.
Saraya Bandar Jissah will be home to 398 exclusive residential units, spacious hilltop villas, stylish town-houses and luxury apartments – all with attractive waterfront and mountainside views. Scheduled for a grand opening in the year 2017, the two hotels form the major leisure components of Saraya Bandar Jissah, providing their guests with a luxurious and relaxing home away from the day-to-day rigours of life.