Muscat – Spread over 40,000sqm with three-level underground parking, Al Khonji Real Estate and Development (AQAR) launched its Rimal 2 project at Grand Millennium Hotel on Wednesday.

Among the leading property developers in the sultanate, AQAR’s new project is an extension of Rimal 1 located in Bausher. Ownership in the project is open to all nationalities. Rimal 2 offers 148 residential units, with prices starting from RO35,000.

The launch event at Grand Millennium Hotel included signing of a memorandum of cooperation with Bank Nizwa to finance the bank’s customers who are interested in owning residential units in Rimal 2.

Speaking at the event, Mohammed al Khonji, chairman and CEO of AQAR, said, “The real estate market still demands integrated housing complexes with unique specifications. This is the most appropriate time to buy residential units and Rimal 2 offers the best living experience.”

He informed that the project is expected to take three years to complete. However, 35 per cent of the project was sold in an offer during Phase 1. “The great demand Rimal 1 received and its success motivated us to start Rimal 2 where units were sold within two weeks of launch.”

Rimal 2 includes residential units of different sizes – one-and two-bedroom apartments (70sqm to 215sqm), with maid’s room and office. Some apartments come with small swimming pools.

A commercial mall built in Rimal 2 will be interconnected with the commercial mall of Rimal 1. The first level of the project’s electronic three-level underground parking is for the mall, while level two and second are for residents. Other facilities include a children’s play area, dedicated barbecue area, and gym for men and women.

Speaking at the launch, Arif al Zaabi, AGM – retail banking at Bank Nizwa, said, “We have designed our real estate financing solutions to meet the varying requirements of our growing customer base. Retail customers are interested in utilising our easy and flexible Shariah-compliant real estate financing solutions.”

AQAR’s payment schedule is ten per cent advance within 30 days, ten per cent within 12 months, and 80 per cent at handover of property to customers financed by Bank Nizwa or any other local bank.