By John Lee.
UAE-based Bloom Properties has announced that it has signed a deal to build a massive new housing project on a 20 square kilometer site on the banks of Lake Razaza in Karbala.
Construction Week Online reports that the company will develop up to 40,000 housing units in four different districts over a number of phased development periods. The project, known as Shores of Karbala, is expected to house between 200,000 and 250,000 people.
The contract was signed by the CEO of UAE-based Bloom Properties, Simon Azzam, Karbala governor Amal Al Deen Al Hir and the chairman of Iraq's National Investment Commission, Dr Sami Al Araji, who commented:
"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."
Simon Azzam said:
"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 society and will offer will offer significant investment opportunities, which in turn help generate considerable job opportunities for Iraqis. "
(Source: Construction Week Online)
(Picture: Lake Razaza)