JEDDAH, 17 October 2007 — Jeddah’s picturesque Corniche skyline is changing as rapidly as new real estate projects take shape.
Already, at least half a dozen five-star hotels and prestigious resorts have contributed to its development as one of the most frequented places in the city for business, leisure and entertainment.
Aside from hotels like Hilton, Qasr Al-Sharq, West In, Sheraton, Albilad and Rosewood, a number of residential and commercial project, and F&B outlets have their existence facing the Red Sea.
DAMAC Properties has its ongoing plan for its first iconic project in Saudi Arabia — the 40-story “Al-Jawharah” residential tower at a location between Hilton and West In Hotels on the Jeddah Corniche, which is expected to be ready by the end of 2010.
“The Headquarters Business Park,” described as an astounding architectural beauty, is another project to come up on the Corniche, with its most sophisticated gym equipment at its spacious Health Centre, and also the latest techniques in its relaxation, via the revolutionary power nap rooms. Businessmen and companies have their choice of condominium space which meets their needs.
The Saudi Economic and Development Co. Ltd. (SEDCO) has signed a joint venture agreement with Singapore-based Keppel Land Ltd., one of Asia’s major property developers, to develop luxury residences on a site along the Conriche waterfront.
Keppel Land Ltd. is the property arm of the Keppel Group, one of Singapore’s largest multinational groups with key businesses in offshore and marine, infrastructure, and property across more than 30 countries worldwide.
Keppel Land and SEDCO will hold 51:49 equity respectively in the joint venture. The total investment cost is estimated to be $760 million.
Comprising three high-rise towers with a total of about 1,000 seafront apartments, the development will be undertaken in phases according to market demand. It will target the high-end market and is expected to be launched in the coming months.
“We are excited that our first foray into Saudi Arabia is a landmark waterfront development in Jeddah, its commercial and recreation hub. Keppel Land will contribute our experience and expertise in developing large-scale integrated lifestyle developments for a world-class waterfront development in Jeddah,” Kevin Wong, managing director, Keppel Land, told Arab News. “This development will enable Keppel Land to quickly establish its track record and open us to other opportunities both in Saudi Arabia as well as in other fast-growing markets in the Middle East,” he added.
“We are happy to develop this prestigious landmark project with our strategic partner, Keppel Land, that we believe will add value to Jeddah’s role as a regional hub for commerce and recreation. The joint experience of the partners will give a strong boost to this and other projects that SEDCO is planning in the future,” Saleh Bin Mahfouz, managing director of SEDCO Real Estate Group, said.
SEDCO is a private wealth and investment management organization that conducts its business according to Shariah. SEDCO manages a diversified portfolio of investments in Saudi Arabia and around the globe.
The waterfront development is located at Al-Nawras, which is part of the high-end North Corniche residential precinct, and enjoys a 220 meter sea frontage.
“With strong economic growth and accelerated economic reforms experienced in Saudi Arabia, Jeddah has enjoyed high growth in the real estate sector in recent years. In particular, its North Corniche precinct is a prime real estate location with its long sea frontage and cluster of new lifestyle developments. In Jeddah, there is also a growing trend towards high-rise luxury apartments designed and developed by reputable developers. This is where Keppel Land will bring its superior quality in execution and management to bear in this new market,” Ang Wee Gee, director, regional investments, Keppel Land, said.
Keppel is among the first Singapore companies to venture into the Middle East market as early as 1995 with the establishment of a joint venture shipyard, Arab Heavy Industries (AHI) in Ajman. AHI forms part of Keppel Offshore & Marine’s 20-yard global network.
Reflections at Keppel Bay will have a total of 1,129 residences. Apart from the super penthouse, there will be another 34 penthouses ranging in size from 3,600 sq ft to 8,200 sq ft over two stories.
“The interiors, all the fittings and finishes are sourced to ensure premium quality — from the finest marble and splendid imported oak to leading designer ware such German brand Miele for kitchen appliances, Hansgrohe Axor, Duravit Starck and Kaldewei for the bathrooms — each apartment is finely appointed to meet the taste and quality expectations of discerning homeowners,” he said.
“Be it interior or exterior, Reflections at Keppel Bay is living art at its finest. It is designed by world-celebrated master architect Daniel Libeskind who is redefining waterfront living in Asia with Reflections at Keppel Bay’s stunning architecture.”
