JEDDAH, 11 November 2007 — A “world-class” real estate property is being planned in central Jeddah, which is described as a SR2 billion landmark project.
“The project includes offices, residential apartments, a five-star hotel and high-end retail,” Dr. Mohamed A. Kashgari, CEO retail division, Savola Group, said in his announcement on the sidelines of a contract signing ceremony at the Jeddah Hilton yesterday.
In this connection, Kinan International Real Estate Development Company (Kinan) has appointed world renowned consultants for a large development in Jeddah. “This comes as a strategic move keeping in view the rising need for world class real estate projects in the Kingdom,” Mohammed A. Al Fadi, chairman of Kinan, said.
The project has been planned as an integrated mixed use development including offices up to 123,000 sq m, residential apartments of 77,000 sq m, a five-star hotel of 30,000 sq m and high-end retail of about 36,000 sq m. There will be parking for 4,000 cars.
Being in the heart of the city and close to the central business district, the project is situated at a strategic location at the intersection of King Abdullah and Al Andalus streets. It will have some unique design features including a rooftop garden of 13,000 sq m. The project is planned to be delivered by early 2011.
Participating in the signing ceremony were representatives from Savola Group, the largest shareholder in Kinan with 30 percent share, and other dignitaries including Japanese present and former diplomats and company CEOs.
Kinan has appointed “World’s No. 1” architectural firm Nikken Sekkei to design the project. The firm has been involved in designing over 20,000 projects in almost 40 countries and has won several reputable awards globally. They have also designed the iconic building of Islamic Development Bank in Jeddah.
The market research has been carried out by Jones Lang La Salle, one of the world’s largest real estate advisory firms while DG Jones & Partners will be providing cost consultancy for the project.
MIDRAR, a Saudi-based company, will carry out the development management for the project. It provides a wide range of real estate consulting services through a unique blend of local and international experts at different stages of project development.
