UK-based Junada Internationalhas signed a joint venture agreement with Tartous City Council to build a $120 million seafront development.
British architect Seymour Harris International has drawn up a masterplan for the development, which will involve construction of a 200-bed four-star hotel and a 200-bed three-star hotel at the centre of the old city. Representatives from the Six Continents Grouphave inspected the site and are understood to have expressed an interest in operating at least one of the properties when they are completed.
The 15-hectare development will also contain at least 200 residential apartments, a commercial and retail centre, recreation areas, public parks, a marina, and a tourist village with cafes, shops and restaurants. The existing marina and ferry port will be rebuilt 300 metres along the coast. Willis & Partners of the UK has been engaged as project engineer, and HTC International, also of the UK, is acting as property consultant to Junada on the development. A local consultancy firm is carrying out a survey of the site before construction work begins towards the end of 2002. 'There will be many supply and subcontracting opportunities arising from this project,' says a spokesman for Junada, which is now in discussion with several private investors over the development.
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.