JEDDAH: Saudi Arabia’s real estate market, which was marginally affected by the world economic slowdown, is returning to normalcy, according to a key market player.
“In fact, it is stabilizing and the outlook for the rest of the year is very positive,” said Mowaffaq Al-Hashimi, president of Saqifat Al-Safa, a real estate marketing and management dealer.
Banks have no liquidity problem and those willing to lease or rent office spaces in particular are coming forward to hire premises of their choice, Al-Hashimi told a press conference at Jeddah Hilton, while giving the details of King’s Road Tower, described as Jeddah’s tallest tower whose last phase is under way.
He said the SR700 million tower would be a new Corniche landmark visible from anywhere in the city. “Seventy percent of work on the tower is already over and the project will become fully operational by August,” he said, adding that leasing for the tower is in full swing.
The tower will have the “world’s largest digital advertising screen,” one of its spectacular features.
A large advertising LED screen — “the biggest in the world” — is being installed on three sides of the tower. “This giant advertising screen will attract the attention of tourists and Jeddah residents, and serve as a benchmark for advertising in Saudi Arabia,” Al-Hashimi added.
Located west of King’s Road between Sari Street from the north and Prince Muhammad bin Abdul Aziz Street (previously Tahlia Street) in the south and the Corniche Road in the west, the towering structure with a built-up area of 10,000 sq. meters is easily accessible and easily distinguishable not just because of its height, but also because of its architectural features, including The Pearl, and a facade overlooking King’s Road.
The commercial and residential tower comprises 37 floors, all incorporating smart systems, is expected to become the “preferred business and leisure address for the city.”
In addition to corporate offices and luxury shops, the tower also features two restaurants and a health club. The tower will also have two parking areas on two basement floors, which can accommodate up to 1,000 cars.
The Pearl located at the top of the tower should be visible even at night, providing a spectacular backdrop to Jeddah’s evening skyline. It is linked with the floors of the tower with a panoramic elevator.
The Pearl also includes a coffee shop and luxury offices at the 31st floor with a total area of 1,900 sq. meters. The total area at the Pearl available for rent is 5,400 sq. meters.
