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Proposal for land owned by Muscat

Muscat Hills (ITC) Co. owns an exclusive land which is strategically situated near the Muscat
International Airport, the area is deemed to be the new CBD and the company had developed a prime
development consist of high-end villas and low-rise luxury apartments Golf Course. A portion of the
property is facing the main road. This portion is zoned by local authority as commercial. The company is
envisaging the sale of this land to apparently finance its phase 2 of the project.
Ian Gladwin, CEO, Cluttons Middle East, has been responsible for marketing this land which has become
even more exclusive owning to the fact that this property was marketed only outside Oman and not
within. He was referred to Glorei through Mr. Abdul-Aziz AL Nafisi.
Glorei, see a lot of potential in this land and its fruits can be picked up in three to five years. All major
banks of Oman are planning to relocate their head office in this area, similarly major corporate and
many government organizations already building their head office there.
Therefore, Glorei think it can capitalize on this opportunity by forming a consortium with Cluttons to
convince the owner that it is very difficult to find a buyer willing to pay such huge amount of cash at
such current market conditions, but if a different approach is adopted where a proper masterplan and
highest and best use study with a unique development concepts presented to investors then serious
interest could be earned.

Project Description
Location: Located close to the international airport, the new CBD and the upcoming golf course
Land Area: approx. 108,067sqm
Initial price was RO 350/sqm
Total Price: RO 37.8 mill

The proposal would be to reach an agreement with Muscat Hills as stated below:
1. To collaborate with Cluttons to create a consortium to take the acquisition of this prime
property further.

2. GLOREI would pay the seed amount for master planning of the project and conducting a
feasibility study through Cluttons. GLOREI and Cluttons would also be responsible for consulting
and marketing activities of the property.
3. These two companies would then be jointly responsible to find investors and buyers for the said
4. As GLOREI and Cluttons will promote the new masterplan to potential investors, it will earn a
special percentage as commission on each sale.
5. GLOREI will get a prime location inside the proposed new masterplan for its usage (either
development or investment i.e. as it deems fit) the seed amount paid initially, would be
considered as part of the land value.
6. The initial price of the entire land was RO 350/sqm. GLOREI will negotiate to get an exceptional
rate ranging from RO 200-300 /sqm for this prime location.
Site location: