Land development project in Tripoli

Twelve percent of lots already sold

A real estate project for ready-to-be-developed land lots in the re-parceled district of Tripoli was recently launched. The project, titled ‘Zeitoun 1589’, has an area of 211,000 square meters. It comprises 85 land lots totaling an area of 170,000 square meters. Roads within the lots are 12 meters wide, allowing cars to park on both sides.

The project is owned by 50 Lebanese individual investors, said Lara Kanj, Zeitoun 1589 Project Manager. “Infrastructure has already been developed forpotable water and firefighting, sewage, storm water, electricity, and telecom networks constructed underground,” Kanj said.
The project’s cost reached $40 million, including land acquisition and infrastructure development. “Since the official launching, 12 percent of the project has already been sold,” Kanj said. The average price of one square meter is $450.

The project’s manager is Blominvest. The developer is construction firm North Excellence Real Estate. The main consultant on the project is IDEA Consultants and the technical supervisor is A. Manasseh Ingénieurs (Socotec).

Currently, the exploitation coefficient only allows for the construction of four-story buildings. Kanj said: “We are hoping the exploitation coefficient would be raised soon.” Increasing the exploitation coefficient will result in a rise in the prices of lots.

“Buyers are mainly real estate developers and property investors,” Kanj said. The compound has a dual access through Rass Maska from the South and through Abou Samra from the North.