Al-Qaddoumi: Top Real Estate Group presents The Capitol project in Canada
Since Top Real Estate Group (TREG) has expanded its real estate business to include Toronto city in Canada, it has prepared studies for the various real estate projects offered in the market to provide its clients and investors in the region with the optimal real estate projects and investment opportunities that give them high yields. Mr. Mohamed W. Al-Qaddoumi, the Deputy Managing Director for Marketing of TREG and Manager of the group branch in Canada stated that the group is pleased to present to its clients one of the best real estate investment projects in Ontario, Canada where the economic growth rate is deemed one of the strongest growth rates in the world since 2005. He added that Ontario has announced a plan for development of its infrastructure for an amount of $ 130 billion over the next ten years which has made it the focus of interest of investors from all over the world.
Al-Qaddoumi said that the Group announces the first one of its projects in Canada i.e. The Capitol located in the heart of Kingston city, Ontario province and is under development by IN8 Development Company that has more than 25 years of experience in the field of real estate development and is deemed one of the leading companies in the field of real estate investment. Regarding the project, he stated that it consists of 20 floors containing 223 flats of different models of one bedroom to three bedrooms in addition to many amenities and services such as seven thousand feet of commercial spaces, roof restaurant and hall, theatre hall and gym. He added that the prices start at CAN $ 240 thousand of which 35% shall be paid upon execution of contract and the balance shall be paid in 2018 upon completion of the project.
Al-Qaddoumi stated that it is forecasted that the value of flats shall increase at the rate of 20-25% during the construction period until the date of completion. He added that the return on investment arising from the increase of real estate value and rent income may reach 10% per annum starting from the first year to 12% per annum in the following years.
Regarding the city, he stated that Kingston city in Ontario province has strong economy but the downtown currently has an undersupply of flats. He added that the area has a military base “CFB Kingston” that is the largest Canadian military base with about 8 thousand staffs. About 7 thousand employees are working in the health care and government institutions in the downtown. About 35 thousand students live in the city where they study in Kingston University in addition to Queen's University which is the oldest and well established university in Canada at 650 meters from the capitol project. The number of students of Queens University is forecasted to reach about 24 thousand students, 95% of them from outside Kingston. The university provides 3,900 beds in the campus. The large number of students and employees in the city and the undersupply of flats have resulted in the increasing demand on flats for rent and therefore the project is an appropriate opportunity for investors to realize the highest degree of security with good annual yields of their investments.
During the Real Estate and Investment Exhibition (11-16th April, Kuwait International Fairs Ground, Mishref, Hall 8) Top Real Estate Group will be showcasing Canada developments and the company latest projects and services.