United Properties plans major investments

14 October 2005
The US' DDG is expected to complete design work by early 2006 for a major mixed-use development planned in the Red Sea city of Jeddah. Estimated to cost SR 650 million ($173 million), the Andalusia scheme entails the construction of a five-star hotel, three office towers, at least two residential buildings, a three-level shopping mall, a health club and related facilities.

Construction of the 290,000-square-metre facility is expected to take about 32 months and will be carried out in several construction packages.

The client is Jeddah-based United Properties Company (UPC), which is 70 per cent owned by the local Savola Group. The remaining 30 per cent shares is held by South Africa's Old Mutual Properties. UPC is planning to invest more than SR 2,245 million ($598 million) in real estate projects in the kingdom.

DDG is also carrying out pre-design work for the proposed 120,000-square-metre Dammam Central mall. Design development is due to be completed by December. The project is estimated to cost SR 360 million ($96 million) and is due to complete in September 2007.

Several other mall projects are planned in the kingdom, including:

Rimal mallin Riyadh, for which the local Saudi-Lebanese Contracting Company (Salmok) is carrying out work on the main structural package for the 148,172-square-metre development. Due to be completed in February 2006, the contract is worth SR 279 million ($75 million). The design consultant is a team of the local Otishan with France's CVZ'

Salbokh mall in Riyadh, for which design bids are under evaluation from DDG, CVZ, South Africa's BKA, DSA International of South Africa and France's CIA. Estimated to cost about SR 105 million ($28 million), the facility will have a total built-up area of 37,900 square metres and is targeted to be completed by October 2007;

Aqaria mall in Riyadh, for which design bids are under study from DDG, CVZ, South Africa's BKA, DSA and CIA. The project is worth SR 120 million ($32 million) and will have a total built-up area of 37,900 square metres. The facility is due to be completed by April 2008;

Dammam Corniche mall, for which design work is under way by CVZ. The SR 180 million ($48 million) facility will have a built-up area of 52,000 square metres;

Aliat al-Medina mall, for which the local Diyar Consultis carrying out the design work. Estimated to cost SR 155 million ($41 million), the mall will have a total built-up area of 74,600 square metres and will take about 18 months to build; and

Azizia mall in Riyadh, for which the local Sewaih Contracting Company has recently completed work for the SR 170 million ($45 million) facility, with a built-up area of 90,000 square metres.

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