Aqar To Shortly Announce Its First Major Muscat Residential Project
Muscat, 9th May, 2011: One of Muscat’s longest established real estate companies – Al Khonji Real Estate & Development – has announced the creation of a new name and identity for the business.
The company will now be known as Aqar – which is the Arabic word for real estate - and under the new identity the company will shortly announce plans for a major residential and commercial project in the heart of Muscat.
As a new company Aqar will operate as a new and specialised real estate developer that is committed to the creation of exciting and highly innovative residential and commercial developments that are designed to meet the modern lifestyle of today – especially among younger professional Omanis.
The team behind the new company has many years of experience in property development, architecture and the implementation of other projects in the Muscat area and will be led by current Al Khonji Real Estate & Development Chairman Mohamed Al Khonji. He will take on the joint role of Chairman and Chief Executive Officer of Aqar.
Mohamed and his brother Qaboos Al Khonji have a long and well established history in the Muscat market and set up their business together 20 years ago in 1991.
Commenting on the creation of Aqar, Mohamed Al Khonji said: “We are tremendously excited to be launching a new brand name and identity for our company and establishing what we believe will be a new era of quality and affordable residential developments in Oman. The creation of Aqar brings together a very talented team of professionals with many years of experience and expertise within the Omani market and is a logical extension and growth of our existing real estate business.
“By establishing a new name and brand identity for the business we plan to enter into a new era of project development in Oman – driven by a commitment to quality and meeting the demands and aspirations of Omanis in particular.
“As our population continues to grow there are increasing pressures for the provision of good quality affordable housing in the Sultanate – especially for the younger generation. That is one of the founding principles behind Aqar and is the basis for our first project of this size that will be launched shortly.”
The Aqar team is bringing together a quality team of experts to ensure the very best design and build quality of their first project of this size together with experts in sales and marketing to ensure their first entry as Aqar into the residential and commercial real estate market in Muscat has the biggest impact.
The developer has a track record of success in the Muscat area that include the Qurum Terrace, Qurum Hills and Al Wadi complex developments – projects that have proved a great success for both investors and individuals seeking a quality home.
“We have undertaken extensive research in the local market before setting up Aqar and we are confident that the scope and scale of our new projects will meet untapped demand in the residential real estate market – particularly among younger home owners who are perhaps looking for their first property.
“But equally we are structuring the development of our first large scale development, which will create several hundred new homes, as one that will be highly attractive to investors as well as individual owners,” explained Mohamed Al Khonji.
He explained that the name and the visual identity of Aqar had been created to give the new company a simple, memorable and single minded brand identity and visual look and feel.
Aqar will be headquartered at the current Al Khonji Real Estate & Development offices in Qurum 29.