Al Salhia Invests 70 Million Dinars in ‘Anwar Al Sabah’ Complex

This news has been read 2136 times!

KUWAIT CITY, Dec 10: The Salhia Real Estate Company has concluded the acquisition of the “Anwar Al-Sabah” towers, a prominent and historical property situated on Fahd Al-Salem Street in the Salhiya area. The transaction, valued at 70 million dinars, encompasses an expansive area of approximately 9,226 square meters. The company has outlined plans for the comprehensive development of “Anwar Al-Sabah,” with a vision to introduce a new commercial complex. The anticipated completion of this ambitious redevelopment is slated within a three-year timeframe, reports Al-Rai daily.

Following the segmentation and arrangement of the “Anwar Al-Sabah” towers, Al-Salhiya intends to incorporate a segment of its expanse into the existing Al-Salhiya complex owned by the company, thus facilitating expansion. It is noteworthy that the investment cost for this expansion has not been definitively determined at this juncture. Additionally, a portion of the acquired property is earmarked for sale as commercial land by Al-Salhiya, in alignment with agreements established with relevant parties. This strategic move aligns with the company’s broader vision for optimizing the utility of the acquired space.

Historically, on March 24, 1975, the Municipal Council granted approval to the heirs of the late Sheikh Ahmed Al-Jaber Al-Sabah for the demolition and subsequent reconstruction of the “Anwar Al-Sabah” buildings. This redevelopment initiative encompassed an area of 5,234 square meters, including plots 25 and 26, with a cumulative area of 4,050 square meters, previously owned by the heirs.

Subsequently, on June 25, 1975, the Municipal Council issued a final approval for the project, leading to the formulation of a cadastral plan for the new site. The new plan was devised instead of the existing project plots, aiming to precisely delineate boundaries and determine the area, culminating in a total of 9,226 square meters. While the initial phase of the project, spanning an area of 3,102.58 square meters, was successfully implemented, challenges arose during the execution of the second phase. The complexities associated with evacuating and demolishing aged structures impeded progress, resulting in the project remaining incomplete.

This news has been read 2136 times!