Local property developer Arbah Real Estate and Dubai-based real estate firm Cayan Investment & Development Company are due to select a concept designer by the end of June for a new mixed-use development in Jeddah. The project, valued at about SR 1,000 million ($270 million), is expected to take 30-36 months to complete.
The project centres on the construction of a residential tower and a commercial tower, each rising to 40-50 storeys, a three-storey shopping centre and a car park.Located on a 34,000-square-metre site close to the Hilton hotel on Jeddah's northern coastal road, the development will have a built-up area of about 224,000 square metres.Under the company's timeframe, concept designs are due to be completed by September and schematic designs by December. The piling package will also be issued towards the end of the year. A decision has still to be taken on how the project will be packaged, although at present the company is looking at one main contract.
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