KIPCO the Kuwait Projects Company has begun construction of its $2.5bn Hessah Al Mubarak real estate development.
The project, on the outskirts of Kuwait City and overlooking the Arabian Gulf Sea, is Kuwaits first-ever comprehensive, mixed-use development.
Ahmadiah Contracting and Trading Company has begun infrastructure work, KIPCO said at a press conference to announce details of the project whose development manager is Al Mutawir Real Estate Company.
With 82 plots and a total built up area of 381,000 sqm, the development will include residential buildings (high, medium and low-rise apartment buildings and duplexes), serviced apartments, offices, clinics, health clubs, commercial activities, retail, as well as food and beverage.
More than 70 percent of the built up area is dedicated to residential units strategically located to allow residents to benefit from public spaces and amenities.
The masterplan also includes a business district stretching between two anchor nodes; the food and beverage cluster to the north, and the retail and community services cluster to the south.
Tawfiq Al Jarrah, Executive Director of the development, said: Al Jarrah added: KIPCO, through its subsidiaries, will be developing 38 plots of the masterplan. The rest of the project will be developed by parties who share our vision and strive for excellence.
Our first milestone will be the completion of the infrastructure, which will take 12 months. The first phase of the project, which includes properties developed by our subsidiaries, will be completed 36 months after that. As such, Hessah Al Mubarak will be inhabited by 2020.
Faisal Al Ayyar, KIPCOs Vice Chairman (Executive), said that the development aims to offer quality lifestyle to Kuwaitis and expatriates alike.
This project offers a new approach to upper-scale, integrated, urban, mixed-use developments in Kuwait. We have taken a holistic approach to design, creating a richness and sense of connectivity through architecture and landscaping.
The owners have made a commitment to quality and we will be laying down all the infrastructure within the masterplan including public facilities and open green areas to make sure that we deliver on this promise, now and in the future.