The Kuwait Projects Company (Kipco) has launched construction on a real estate project called Hessah Al Mubarak, at a cost of $2.5 billion, reported Trade Arabia.
The project, which is for mixed-used purposes, is located near Kuwait City, overlooking the Gulf.
The project is built on an area of 227,066 square meters, where 50% of the area is set to be used for public services and amenities, such as gardens, urban plazas, multi-storey public parking and utilities.
The project includes high, medium, and low-rise apartment building and duplexes, serviced apartments, offices, clinics, health clubs, and commercial activities, according to Gulf Digital News.
The project also includes 23,400 square meters dedicated to green areas, and about 70% of the development is made up of residential units that are located near amenities and public spaces, a business district, food and beverage outlets, retail and community services, said Tawfiq Al Jarrah, Executive Director of the Hessah Al Mubarak project.
Kipco will develop 38 plots of the master plan, while the remaining of the project will be developed by secondary parties, Al Jarrah added.
The Ahmadiah Contracting and Trading Company was awarded the infrastructure contract for the project, while Al Mutawir Real Estate Company was appointed as the development manager.
Banks including Kuwait’s Burgan Bank are expected to fund half of the project, while the company will handle the other half. The entire project is expected to be completed in 2020.