Property developer Saudi Real Estate Development Company (Sredco) is reviewing its Jeddah real estate projects in light of a decision by Jeddah Municipality to alter height and building restrictions (MEED 27:5:05).
Property developer Saudi Real Estate Development Company (Sredco) is reviewing its Jeddah real estate projects in light of a decision by Jeddah Municipality to alter height and building restrictions (MEED 27:5:05).The most advanced Sredco scheme will see the construction of a residential development with a 50-storey tower north of the corniche. The estimated SR 180 million ($48 million) project will include retail and recreational facilities. Work is expected to begin towards year-end. Lebanon's KKA is the consultant.The largest scheme involves the construction of the Business Village, close to the city's downtown area. The project had originally been valued at about SR 300 million ($80 million) and comprised a mixed-use development with eight office buildings, a commercial area and retail elements. However, plans are now under review to expand the size of the development's built-up area to more than 300,000 square metres from about 230,000 square metres. Additional facilities could include an exhibition centre and a hotel. Lebanon's ERGA Art & Design is the architect.Sredco is also expected to move ahead with the construction of the first of at least 14 three-star hotels in the kingdom. The group is finalising the various size prototypes to develop the Holiday Inn Express brand at a cost of about $200 million. The largest property will house about 180 beds. The company has still to finalise land acquisition for the hotels, although the first ones are expected to be located either in Riyadh or Jeddah. The US' V3 is the programme manager. Dubai-based National Engineering Bureau (NEB) is the design consultant. The properties will be a franchise of US-based Intercontinental Hotel Group (IHG MEED 15:7:05).
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