Amlak, the real estate investment arm and a wholly-owned subsidiary of the Social Insurance Organization (SIO), has announced its plan to kick-start the transformation of three existing markets - Souq Abu Dhar Al Ghafari, Souq Al Madina and Souq Ibn Al Waleed - located in Isa Town, starting from today (November 24). 

 

The BD2.01 million ($5.3 million) redevelopment project comes as part of Amlak’s efforts to transform local markets to raise the standard of retail offerings for the local community by introducing modern, multi-purpose facilities with diversified retail shops that will cater to the daily needs of the neighborhood and surrounding communities. It is due for completion by November 14.

 

CEO Yusuf Al Thawadi said: "Since the launch of this redevelopment project, Amlak has successfully achieved many accomplishments towards catering to the daily needs of residents within the neighborhoods and surrounding communities."

 

"We have been working continuously and will continue to work towards developing more markets to enrich the Kingdom’s various neighborhoods, enhance commercial activities, generate indirect revenues and create new job opportunities, all of which come as part of Amlak’s strategy to serve the community, raise the living standards, as well as contribute towards driving the national economy forward," he stated. 

 

Lauding the Amlak plan, Malallah Shahen, the Southern Municipality Council Representative of the Second Department, said such projects are aimed to serve the residents and cater to their every need. 

 

He also highlighted his confidence in Amlak to completing the project within the set timeframe and in accordance to the highest of standards, as well as the success that these markets will bring upon completion. 

 

Souq Abu Dhar Al Ghafari will stay true to its concept of ‘building blocks’, catering to community user convenience and promoting accessible retail spaces for the community. The development has a net built-up area of 2,370.5 sqm distributed in 2 commercial floors with a total of 32 retail units between 27sqm to 310sqm. 

 

Similarly, Souq Al Madina will be identified as the catalyst for commercial viability and testament to how community development can be a model of a well-rounded neighborhood ecosystem. The built-up area will reach 2,217.15 sqm with a total net leasable area of 1,675.33 sqm. 

 

Souq Ibn Al Waleed will be a hybrid of recreational and commercial spaces, promoting a well-rounded active and healthy lifestyle for the community. With a plot area of 2,851.1 sqm with a total net leasable area of 1,518.47 sqm which will include a total of 21 retail units which will range from 35 sqm to 110 sqm.

 

Amlak’s focused strategy aims to deliver real benefits through a diversified and balanced portfolio in regards to type and location of its real estate properties, stated Thawadi. 

 

"Additionally, Amlak is focused on identifying acquisition opportunities and new projects that aim to increase revenue and create sustainable wealth," he added.-TradeArabia News Service