ROOM WITH A VIEW

Lebanon 2014 | REAL ESTATE & CONSTRUCTION | FOCUS: BEITMISK PROJECT

A number of luxury developments have been announced over the past few years with the aim of satisfying the public's demand for small, luxury housing.

The demand for huge apartments is over in Lebanon, and people have been left struggling to offload a once hot commodity. Now, the Lebanese desire smaller, more compact apartments, but still with all the modern luxuries and amenities as before. This is leading to a number of new projects with everything the modern citizen would need.

One such project is the BeitMisk project. Out in the Northern Metn region in the hills overlooking Beirut, the development is spread over 655,000 sqm. It is just 18 kilometers away from Beirut and 2 kilometers from Baabdat, placing it in an ideal catchment area for commuters to both cities.

Announced in 2009, the project is expected to cost around $800 million in total. Georges Zard Abou Jaoude, Owner & CEO of GZA Holding, is largely funding the project by putting up 60% of the funds over a number of phases, with the remaining 40% coming from Banque Libano-Française. The project will be able to accommodate up to 12,000 residents in a number of village-style neighborhoods, including three-story apartment blocks and private villas. There will be 2,000 housing units in total once the project is complete, with 400 units already finished where families have already taken up residence. Construction began in 2009 and the first phase came online in 1Q2014. The entire project is expected to be completed by the end of the decade. The average apartment will be in line with current trends in the market for smaller apartments at between 180 sqm and 260 sqm at an average cost of $1,650 per sqm. This would make for an average apartment price of between $297,000 and $429,000. All maintenance services, such as road sweeping, garbage disposal, exterior landscaping, infrastructure maintenance, and waste treatment, are taken care of by the management of the development. Apartments will also include fire alarm systems, gas detection, total security management, and burglar alarm systems. In addition, the project will also have its own standby power plant for 24/7 electricity, an LPG network, a solar energy system, and fiber-optic services for internet and cable TV. In addition to these services, the BeitMisk development is also hoping to be as environmentally friendly as possible by reducing waste and water consumption. “We have truly mastered all of the energy-related ins and outs. We have achieved zero pollution, as we use both solar and gas energy," Georges Zard Abou Jaoude, Owner & CEO of GZA Holding, explained to TBY. He went on to say, “In regard to lighting, we use a new advanced system that is energy efficient. It is a masterpiece and unique to the entire region."

In addition to its residential commitments, the developers are also planning on constructing a multitude of entertainment activities. Each neighborhood will host a number of public and green spaces, as well as boutique streets for shopping. There will be trendy restaurants and coffee shops, a hotel, art galleries, gourmet shops, postal services, a library, multi-purpose conference areas, recreational areas for children, numerous retail shops and services, as well as office space.

Numerous projects like BeitMisk have been announced over the past few years surrounding Beirut as developers seek to satisfy the public's changing demands for smaller, modern living spaces.