Oman-based Al Khonji Real Estate & Development (Aqar) has launched its high-end integrated residential complex, Rimal 2. It is being developed near the dunes of the Bausher area, will feature a built-up area of 40,000sqm and will boast 148-units.
According to a statement, Rimal 2 is an extension of Rimal 1 and will provide all the required services and retail facilities for its residents, including a commercial mall that will be linked to a similar facility at Rimal 1. Within walking distance of the residences, it will be the largest commercial centre of its kind in the integrated residential complexes in Oman, the developer noted.
Aqar pointed out that the Rimal 2 launch comes following the success of Rimal 1, whose units sold out within two weeks of launch. Construction works will be undertaken by Al Binaa Contracting Company (a subsidiary of Aqar), and is scheduled for completion by the end of 2025.
The launch event also saw the signing of a strategic agreement with Bank Nizwa for providing finance to the bank’s customers keen to buy their own residential unit at Rimal 2. The bilateral co-operation between Bank Nizwa and Aqar is aimed at offering innovative and shariah-compliant real estate financing solutions to the customers, said Arif Al Zaabi, AGM Retail Banking at Bank Nizwa, after signing the deal with Mohammed bin Abdullah Al Khonji, the Chairman and CEO of Aqar.
“We have designed our real estate financing solutions to meet the different requirements of our growing customer base, while we are confident that, the new profitability rate is an exemplary rate for the retail customers who are interesting in utilizing the Shariah-compliant real estate financing solutions easily and flexibly,” stated Al Zaabi.
Al Khonji added, “There is no doubt that the company’s success of Rimal 1 and the great demand that it has received, as its units were sold within two weeks of its launch, was considered as a great incentive for us to launch our new project, (Rimal 2). Aqar is thoroughly committed to developing quality real estate projects ,that are built on the modern specification and provided with integrated services.”
Lauding the strategic location, Al Khonji said the Rimal complex is situated in the buzzling Bausher area, which has a number of well-known commercial centres including Oman Mall, Grand Mall, Panorama and Avenues Mall within driving distance as well as other service facilities.
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