Al-Shubaili unveils new high-rise plans

09 August 2002

The local Al-Shubaili Group has announced plans for an estimated SR 230 million ($62 million) real estate project in Al-Khobar. The 760,000-square-metre Shubaili High Rise II development will be situated behind High Rise I, a $430 million complex under construction along 1,730 metres of seafront (MEED 19:4:02).

The two neighbouring developments will contain 14-storey residential towers and commercial property, and dredging work is under way to create a network of sea canals through the properties. Located next to the King Fahd causeway, the high rise complexes will be targeted at investors and shoppers who regularly make the journey between Bahrain and the mainland, a company spokesman said.

Al-Shubaili is now preparing to market stakes in High Rise II to local investors, each SR 15,500 ($4,130) share representing a 50-square-metre parcel of land. The company successfully closed a similar offering for High Rise I in April. Construction work on both properties is due to be completed in late 2004.

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