Regional News

Kipco starts work on $2.5bn development

October 2016

Kuwait Projects Company (Kipco) has begun construction on an ambitious $2.5-billion mixed-use real estate project in Kuwait.

Located on the outskirts of Kuwait City overlooking the sea, Hessah Al Mubarak will come up on a sprawling 227,066-sq-m area, of which close to 50 per cent will be dedicated to gardens, open public spaces, urban plazas, streets, multi-storey parking and utilities.

Faisal Al Ayyar, the vice chairman (executive) at Kipco, said that the development aims to offer a quality lifestyle to Kuwaitis and expatriates alike.

The development manager for the project is Al Mutawir Real Estate Company, while the infrastructure contract has been awarded to Ahmadiah Contracting and Trading Company.

The mobilisation on site has already begun for the project, which will boast 23,400 sq m of gardens and green areas. More than 70 per cent of the built-up area is dedicated to residential units. The masterplan includes a business district between the food and beverage cluster to the north and the retail and community services cluster to the south.

The project’s total built-up area will be 381,000 sq m and includes 82 plots for residential buildings, serviced apartments, offices, clinics, health clubs, and commercial, retail, as well as food and beverage outlets.

Kipco subsidiaries will develop 38 plots and the rest will be offered to third parties. Completion of the infrastructure is targeted in 12 months and the first phase in 36 months. As such, Hessah Al Mubarak will be inhabited by 2020.

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