BREI developer to start building Convivium VII in Badaro
CONVIVIUM VII, 2 residential buildings and a private garden 120 m long.
Press release Convivium VII – 04/12/2006
Bassil Real Estate Investment, BREI, announces its recent US $15 Million real estate venture “Convivium VII” with MARKAZ, one of the Kuwait’s leading asset management and investment banking organization.
The company, incorporated in September 2006, just acquired 4 land plots in Badaro that consists of a total development area of 8, 500 m2.
MARKAZ decision to go ahead with the development despite the recent political incidents shows that this particular sector remains attractive to foreign investors.
“Investing in the Lebanese real estate sector is not a short term activity, and we still think that the medium to long term balance between risk and return is relatively quite favorable” explains Bassam N, Al-Othman, senior vice president at MARKAZ.
“We are confident that the country’s high-end residential segment of the real estate market is protected by a strong internal and external demand. I am excited to say that we have a long term strategic alliance with BREI and we plan to jointly introduce a number of attractive projects in the future”, added Bassam N, Al-Othman.
“BREI is a unique vision of property development with a new approach to real estate. We provide buildings that integrate and add value to their environment” says Karim Bassil, founder and Chairman of BREI.
Located at the prime location of Museum Street and over-viewing the Hippodrome of Beirut, the project is due to stand out as one of the most elegant and attractive properties within the Lebanese capital’s district of Badaro.
CONVIVIUM is the luxury brand of BREI, mainly developed since 1998 in Gemayze area. Conviviality, Charm and Elegance are CONVIVIUM’s signature. “It is all about providing truly rare living environments where people can really be themselves. After all, that’s the ultimate luxury today” says Karim Bassil.
“Located at only 15 minutes walking distance from the city center, CONVIVIUM VII offers all the serenity and quietude with its private landscaped garden and open-air spaces. We are giving high importance to the landscaping while working also on all little details in the architecture that will set Convivium VII apart but always within the CONVIVIUM spirit” added Karim Bassil.
The project is being financed by Byblos Bank and is designed by the AAA Architects and by Rafik El-Khoury & Partners engineering office.
Construction is due to start in 1st semester 2007 with delivery planned by the end of 2008.
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