New City Salalah – Salalah
Project Name: New City Salalah
Client Name: Ministry of Housing and Urban Planning, Sultanate of Oman
Location: Salalah
Assets Covered: Residential, Office, Hospitality, Retail, Marina, Leisure and Entertainment, Education
Project Size: 5 Square Kms
Project Value: Confidential
Executive Summary
Ministry of Housing and Urban Planning, Sultanate of Oman is developing a unique seaside 5 square km seaside destination township in Salalah with the following objectives:
- To create Salalah into a 365 day tourism destination
- To improve residential options for residents of Salalah
- To emerge as an economic node for Salalah housing offices and SME’s
This initiative aligns with the Vision 2040 strategy, aiming to diversify Oman’s economy from oil-dependent sectors to non-oil sectors by enhancing the country’s residential and tourism infrastructure.
Our Solution/Recommendations
Cavendish Maxwell was appointed to undertake highest and best use study and economic impact assessment of the project wherein we undertook the following activities:
- Identifying key real estate sectors to focus on.
- Determining quantum of the potential demand at the site.
- Recommending types of assets for development, tailored to the target audience.
- Advising on the optimal sizes for these assets.
- Recommend on type of hospitality assets to be envisaged at the site.
- Suggest suitable retail, leisure, and entertainment concepts for the site to establish it as a destination that not only complements other sectors but also serves as a catalyst for demand.
- Setting pricing strategies for the assets.
- Assessing the financial viability of the proposed asset types.
- Evaluating the project’s economic impact, including job creation and its contribution to the Omani economy through the development phase.
Completion Date: Project is still ongoing.
