By John Lee.
Bloom Properties, the Dubai based multi sector subsidiary of National Holding, has won a major housing development in the Karbala governorate after signing an agreement with the provincial governor Amal al Deen al Hir and the Iraqi National Investment Commission.
The 40,000 housing unit development will be constructed in phases over eight years and will accommodate 200,000 people when finished. Located next to Lake Razaza, the development known as Shores of Karbala will cover some 20 square kilometers. Bloom Properties CEO Simon Azzam said of the development,
“With the signing of this contract, we are set to commence work on the preliminary planning phase. This is one of the largest real estate projects in Iraq and will be developed on several phases taking into consideration high quality standards suitable for such a project. The “Shores of Karbala” will cater to all sections of the society and it will offer will offer significant investment opportunities, which in turn help generate considerable job opportunities for Iraqis. ”
Dr. Sami al Araji, head of the National Investment Commission noted how this was a part of the government’s plan to build as many as 2 million new housing units.
“The project will contribute to the urban planning development of Karbala. Our strategy is to take the holy city to a new level by improving the distribution of population density and urban centres and shaping it into a vibrant metropolis. Karbala will also comprise multiple modern centres that will be complemented by the establishment of a series of ecosystems. This is in line with our strategy to augment landscaping areas across all plots.”
(Source: Construction Week Online)