The new real estate development will see the construction of twin towers with 50 storeys each, comprising a hotel, office space, shopping mall, entertainment area and a mosque, and covering a built-up area of at least 200,000 square metres. The towers will be located in one of Jeddah's commercially busiest areas, in the Al-Azizia district in the north of the city.
Preliminary designs for the project are now being updated by Jeddah-based Abnia Design Consultantsand are due for completion within weeks. A project management consultant (PMC) is planned to be appointed in the first quarter of 2004, which will be followed by the release of tenders for the different construction packages. Construction is due to begin in 18-20 months and is expected to take three years. An Ikeastore is already under construction at the site.
The twin towers will be built next to the SR 300 million ($80 million) Serafi Mega Mall, which is in its final construction phase and due to open for business in mid-2004. The mall, which covers a built-up area of 100,000 square metres, will provide space for 200 retail shops, a 1,500-square-metre hypermarket, five major anchor stores, a 5,000-square-metre food court and a family entertainment centre, including an ice-skating ring and a go-carting track.
The site of the complex will also feature a six-floor, 15,000-square-metre business centre as well as health and fitness facilities. In addition, it will provide parking for 1,200 cars. The contractor on the project is the local Al-Guthmi Contracting Company, while Abnia carried out the designs.
Rikaz is also marketing a major residential and hotel complex in the holy city of Mecca jointly developed and promoted by the local Mecca Real Estate Companyand the Saudi-based MBI International & Partners(MEED 11:7:03).
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.