
The Property division of WJ Towell is set to redevelop its housing and commercial area in Madinat Qaboos. The project entails developing a 35-acre area over the next 10 years.
A masterplan has already been submitted to the Ministry of Housing and the firm expects a response shortly.
''The main objective of the project is to make optimal use of our land which we feel is currently underutilised,'' says Koshy Varghese, general manager of the division.
The company hopes to start construction next June on the two-phase project which will comprise 78 apartments in five blocks and a new road. The masterplan was drawn up by Venkatraman and Associates along with the local Majan Engineering. In a build-up to starting work on the project, the company is looking at boosting staff and picking up equipment by January. ''We are slowly building up our divisions,'' says Varghese.The company has already demolished four villas in the area and erected row houses on the sites.
The division is also working on residential and commercial apartments in Darsait which are expected to be completed next year.
Being part of the WJ Towell group of companies, a well-diversified group, the division has a lot of work within the group which gives it greater manoeuvrability, including maintenance work, he says.
Commenting on the market, he says: ''The market is very tight and margins are too low - four to five per cent - to allow for errors. We have to run very fast to stay in the same place. Construction and property are linked to the health of the economy. Currently, the big contractors are suffering and losing projects to small contractors because of price.''
He also calls more planning and foresight. ''Ultimately, Oman has to move from developing projects when there is a crying need to creating a need for them. For example, people are willing to drive to Dubai for their shopping. There has to be a change and the government is aware of the need for change and is going strong on developing its tourism potential,'' he says.