Chairman and Managing Director of Flex, Dr. Hussein Al-Sayegh, stated during a press conference that the total area of the property amounts to 21,000 m2 at a price of KD 10 million, where the property will undergo the construction of approximately 80 residential units overlooking the sea.

In addition, around 5,500 m2 will be dedicated to the construction of a commercial unit of about 20 floors.  Flex is already in the process of developing other ideas with regard to this investment, taking into consideration the prime location of the property.

Added Value

Al-Sayegh added that due to dwindling real estate properties in Kuwait and the increase in price of real estate in general, the land purchased by Flex is a great asset to the company.  The purchase coincides with the current hike in oil prices as well as the real estate boom in the region.  As previously stated, the purchased land overlooks the sea and is of strategic importance geographically.

Flex is in the process of executing promising projects that fall within the scope of strengthening tourism and establishing world class health clubs and spas.  The development of real estate will create new job opportunities for Kuwait’s’ youth and will contribute to Kuwait’s architectural development.