Y - June 14, 2011 - Issue 174 - Y-oman.com

Here is what he had to say about the project:
studies, professors would always say ‘Location,
Location and Location’ - not once, but three times,
Please tell us a little bit about yourself.
We come from an old heritage, business family. Our
origins in business started with our grandfather in 1920,
here in Oman. Since then, we have been moved into in real
estate, and I along with my brother Qaboos, are the third
generation of the Al Khonji family. Since then, we have
diversified into different areas such as trading, business,
so location is vital. RIMAL is at the tip of the sand
dunes; you can see everything that you want. You
have an option of overlooking the sea, mountains,
sand dunes, the pool, the garden or the city. So
whatever your requirements, it is all there. All you
have to do is choose the position of your apartment
in the building.
and real estate and also, we deal in manufacturing services.
So we have been growing our business both here in Oman
and internationally.
When did you and your brother Mr. Qaboos start your
business?
We started investing in real estate in 1991, and initially
began in the USA while I was in university. With just a
small amount of money and two other partners, we bought
a big real estate development for a small amount of money.
We were lucky at the time as there was a boom in the real
estate market in Colorado, and we made a good profit and
that is how we jumped into the next project. From then
on, we invested into a bigger complex, and then an even
a bigger one. I really enjoyed my studying years in the
USA because it was a really good experience in using my
practical experience in real estate, while studying.
What was your first project in Oman?
Our first real estate project in Oman was in 1999. We
started then with a nine unit apartment and today we are
very proud to announce RIMAL with 254 units, and also
a shopping centre. With the different range of facilities and
amenities that we made sure were available at RIMAL, we
are proud to have launched this great project. For two young
brothers to be able to think of the requirements of small
Omani families here, I believe we are catering to what is
missing here. We had been studying this project for a whole
year before we came up with this concept. We took our time
in this, and looked at from different angles like the size and
mix of apartments. Also, we looked at the kind of facilities
that are missing in other projects, also the pricing as far as
five years ago. Back then prices started at 43,000 rials for a
one bedroom apartment, and five years later we at RIMAL
started from 37,000 rials - the right pricing of RIMAL is
something that was very important to Qaboos and I, and I
believe we have got it right. Plus, as I said, our main target
is starter-up families, graduates and young couples who have just gotten married,
and maybe have two kids.
Please tell us about RIMAL.
Whilst looking into what was missing in other projects, we found that a shopping
centre is a perfect fit for this kind of project. We also added a large swimming
pool, and a smaller one for the kids. And for the first time in Oman, we introduced
a building with three floor underground parking. We also have two free health
clubs, one for ladies and one for gents, as well as garbage shoots, a problem
which is often overlooked in many other projects.
Also, climate controlled corridors - this new development will be one of the
largest of its kind in Oman ranging from one, two and three bedroom single
storey homes, as well as three and four bedroom duplex apartments together
with a house keeper’s room. With 24 hour security for people and cars, it is
indeed a safe and secure complex.
In my opinion, RIMAL is located in one of the best locations in the Sultanate,
how important was location to you?
Well, the first thing that comes to anyone’s mind when it comes to living
arrangements, or to invest, is location. So when it comes to real estate, and market
The apartments are affordable, how did you
manage to enclose beautiful architecture, with
such facilities at this price?
This is a good question. Unlike others who build
projects further away from the city, they are looking
to offer a cheaper apartment with basic specifications
for sale. Here we thought no! let’s have bigger land
with more levels and better deluxe finishing at an
affordable price. That is why from the launch until
today we have already sold a good percentage of the
apartments, which is a getting a great response from
the public and proves we got it right.
What are the Al Khonji brothers individual roles
in regards to RIMAL?
In AQAR, I am the CEO and Chairman. My brother
and I have been working together to bring RIMAL to
reality while not forgetting any details. My brother is
mainly handling Better Homes as he is the Managing
Director there, and also he is the Managing Director at Al
Binaa Construction. His role actually comes in the selling
of RIMAL properties which we are doing through Better
Homes. He also deals with finishing which we are doing
through Binaa Construction.
Do you think that this project will change the property
market prices?
I think we will be playing a small role in change. We
are looking forward to healthy competition and that our
competitors deliver. We really want other developers to
come into the market with their products, as that will help
them and help us. It is good to have varieties and choices for
the end user, and we are ready for it.
I would like to thank Mr. Mohammed Al Khonji for his time,
and would like to take this opportunity to congratulate Al
Khonji brothers on behalf of the Omanis of my
generation. This project is surely the start of
hope for many locals here to own a property at
a place like RIMAL. I hope future developers
will cater more to locals too, and we are eagerly
awaiting healthy competition to begin!
Watch out for the Affordable Housing
Development Summit Oman next week, which
will be held on June 19th to June 22nd at the
Grand Hyatt, which will feature many industry
experts who will share their experiences and
suggestions on low-cost housing projects.
For more information on RIMAL, visit Better
Homes in Qurum City Centre or check
www.betterhomes-oman.com
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