The new project will cover an area of about 1 million square metres and be located in the Sharm Obhur area. The estimated SR 5,000 million ($1,300 million) scheme will comprise villas, apartments, townhouses and community facilities.

Sredco is also pressing ahead with several other projects. It has invited contractors to submit prequalification applications for the substructure, superstructure and mechanical, electrical and plumbing contracts on a new 50-storey tower, located north of Jeddah corniche. Tenders for all packages are expected by October, pending final approval from Jeddah Municipality. The tower will have a built-up area of about 80,000 square metres and reach about 190 metres, making it one of the city’s tallest. Lebanon’s Khalil Hussein Architects (KHA) completed the original design on the estimated SR 190 million ($50 million) project.

Sredco is in the planning stages for a new residential project within the 250,000-square-metre Durrat al-Medina development, currently being promoted by sister company Aqarat Real Estate Development Company. Sredco is also reviewing the masterplan for the estimated SR 300 million ($80 million) Business Village and finalising prototypes for the construction of the first of at least 14 three-star Holiday Inn Express hotels in the kingdom.