Waterfront City phase one sells 75 percent

140 apartments sold in less than two months, prices start at $2700 per square meter

Sales of phase one of Waterfront City, the flagship project to line the Joseph Khoury Marina stretch opposite Dbayeh, have reached 75 percent since its release on July 14.

Waterfront City’s Sales Manager, Salim Abboud, said that 140 apartments were sold off-plan during the first month and a half of the project’s release. The price of each square meter ranges between $2700 and $6250, relevant to the location of the property. Around 95 percent of the purchases were made by Lebanese, Abboud said.

The sales center at La Marina Joseph Khoury expects sales to rise. Waterfront City said that it will release further marina front apartments, as well as the first office units within the next six months.

Waterfront City is located approximately 15km north of Beirut, and the project covers a total area of over 193,600 square meters. The project will unfold in four phases over an estimated 15 years. The date of the completion of phase one is planned for mid-2014.

Phase one of the project consists of seven buildings, a promenade with cafes, restaurants, and a retail zone. Only six buildings including 200 apartments have been released for sale on July 14.

Waterfront City is a 50-50 joint venture between Société Joseph G. Khoury et Fils Holding and Emirati developer Majid Al Futtaim Properties, which is also the developer of the project.

Majid Al Futtaim developers have undertaken the establishment of the prominent Mall of the Emirates and are currently developing the City Center in Hazmieh.

Once completed, Waterfront City will comprise over 5,000 residential units, a commercial district, with a shopping mall and dining and entertainment options, and a hotel chain.