Top firms showcase projects at Cityscape Jeddah
Jeddah, March 2, 2013
More than 50 local and regional exhibitors are displaying their projects and services to an expected 10,000 visitors at the Jeddah Urban Development and Real Estate Investment Event – Cityscape Jeddah which opened yesterday.
The annual event comes at a critical time when all the major players in the market from real estate developers to home finance companies are trying to adjust their strategies to complement the three mortgage laws published by SAMA last week.
It was opened by Prince Misha’al bin Majed, Governor of Jeddah, said the event organisers.
All the major real estate companies are present at the event but most visible is the huge participation of Saudi banks and home finance companies, they added.
“This signals the huge demand for home financing in Saudi Arabia,” remarked Hussain Al Harthi, the managing director of National Exhibitions Company.
“The surge of activity comes in response to the approval of the mortgage law and the three laws published by SAMA last week which obviously triggered developers and financers to take swift actions and get ready to provide innovative solutions in lines with the new passed laws,” he stated.
Rayadah Investment Company, the real estate arm of the Saudi Public Pension Agency, showcased its mega residential project north Jeddah which is expected to cover 10 per cent of the total real estate market needs for the next 10 years.
Located in Obhur, Al Raeda Residential project comprises 8,000 units on a 2.5 million sq m site and is planned to be completed in one phase.
It is divided into 10 neighbourhoods, five allocated for residential buildings, and five for villas, in addition to central zone for multi-purpose usages. The project also comprises of 24 schools, 15 mosques, general hospital, health club and a hotel supported with commercial shops to service guests.
Maceen Capital, a specialized and dynamic investment group, was present at Cityscape Jeddah this year to promote its SR83 million real estate fund invested in developing a residential project in north Jeddah, Villatee Residential Project consisting of 52 upscale villas in a unique location in Obhur.
The villas are available in five different architectural designs and sizes catering to different tastes and lifestyles. “The location was selected very carefully to offer a unique living experience were new Jeddah is being shaped,” said Bader Al Hammad, the CEO of Maceen Capital.
“The project is scheduled to be completed in 2 years and all services and facilities are available in location to guarantee a quiet, flexible and successful lifestyle,” he added.
Ewaan Global Residential Company, participating in the Jeddah event for the third year running, has once again captured the attention of the Kingdom’s real estate professionals and potential home buyers by revealing its new Almayaar residential project, the company’s second major development in the Dahban area north of Jeddah.
Ewaan’s new Almayaar project is located on a 333,777 sqm site next to its flagship project Alfareeda and residents of Almayaar will benefit from the world-class educational and medical facilities, mosques, shopping malls and recreational, sports and entertainment facilities available on site at Alfareeda.
Ewaan is paying special attention to the beautification of Almayaar with extensive landscaped gardens and green areas.
"The aim of these projects, of course is to meet the growing real estate demand in both the residential and commercial sectors. Our mission is to construct and provide premium real estate options that support the rapid economic growth of the Kingdom and increasing population into 2025 and beyond," said Riyadh Al-Thuqafi, CEO of Ewaan Global Residential Company.
Al- Harthi said the shortage of housing options for all Saudi residents, the opening of the Saudi Arabia property market to a greater and wider variety of tourists and travelers, and a drive to design a Saudi Arabian landscape that reflects communal requirements, as well as the aspirations of a dynamic Kingdom, are some of the issues driving the real estate market in Saudi Arabia.
Sumou Real Estate Company was once again the principal sponsor of Cityscape Jeddah. This year the company revealed a new and ambitious project in the Western Province, Dahiat Sumou.
“Bawabat Makkah is a visionary city to be built on the western edge of the Makkah Holy Region, adjacent to the heal boundary line of the Jeddah-Makkah Expressway.-TradeArabia News Service