Libya-based professionals moving into Palm City
Sunday, 9th August 2009

Libya-based professionals working for Ernst & Young, Austrian Airlines, Radisson Blu Hotel and Global Governance are the newest tenants at Mediterranean Investment Holdings' €100 million Palm City Residences in Janzour.

With landscaping works and amenities like the supermarket, bank, laundry, clinic, beauty salon, car rental service and the two restaurants in their final finishing stages, all is set for the luxury residences' official inauguration next month.

MIH is a subsidiary of the Corinthia Group. Other major international companies have expressed interest in reserving clusters of units at Palm City and the next few months are expected to be particularly busy.

Palm City, 15 km outside of Tripoli, is fast becoming the preferred residential address for the numerous expatriate families living in Libya. The village comprises 413 residential units with access to a private sandy beach and a central piazza.

Major furniture items, landscaping, security railings and other fittings are all being installed in the units. Further to the western side of Palm City, almost all roads have now been completed, including those adjacent to the health club where the installation of four tennis courts and a football pitch is also underway.

Gareth Morgan, global client service partner with Ernst & Young in Libya, was enthusiastic about his move to Palm City: "I am very pleased with the ease and convenience with which the Palm City team of has worked through our requirements and nothing was much trouble at all. The facilities, security and sense of community will play a major part in ensuring our time in Tripoli is enjoyable and productive."

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The new Palm City extension in Janzour will be added to Palm City's existing leisure facilities, which will include boutiques, a hotel, for Palm City guests, a lagoon, more than 100 large condominiums for sale and a massive entertainment area which includes Six cinemas, a bowling alley, several restaurants and shops , which so far include tennis courts, a seven-a-side football pitch, an indoor and outdoor pool, squash court, gym, spa, treatment rooms, dance studio and grill house on a private sandy beach.

The for-sale condominiums are intended to give a chance to Janzour locals to buy into the project as well as for companies that preferred investing in real estate rather than just leasing property.

Palm City, with about half of its rental units already booked for the next five years and the rest of the negotiations being concluded with several large construction, energy and travel companies.

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