KM Properties, Terry Farrell in JV
Dubai, July 1, 2007
KM Properties has entered into a strategic joint venture with international urban planning experts, Terry Farrell & Partners.
KM Properties is a leading real estate developer in Dubai with a portfolio of residential, commercial and freehold properties.
The joint venture will allow KM Properties to move forward on an ambitious expansion plan, which has already earmarked development across the GCC, said a top company official.
'Development in Saudi Arabia is high on KM Properties’ list of priorities, and already the joint venture is working on a new mixed-use waterfront development in Jeddah, which will include commercial, residential and hotel components, located in a prime location at the Red Sea city,' said Dr Mohamed Haddad, chairman of KM Holding, parent company of KM Properties.
The cost of this landmark project is estimated at SR1 billion ($265 million), he added.
The joint venture will see Terry Farrell & Partners working on a number of real estate developments for KM Properties across the Middle East and worldwide.
Terry Farrell & Partners will also assist KM Properties on a number of other developments in the Kingdom, including projects in Dammam and Riyadh, where KM Properties has established offices.
The two companies have a history of co-operation; Terry Farrell & Partners has already worked on both master-planning and building design projects for KM Properties.
“Our partnership with Terry Farrell & Partners has a long and successful history. Terry Farrell & Partners has a worldwide reputation for excellence in its design, consultancy, and execution of projects and our joint venture reinforces KM Properties’ standing in the industry as a leading partner of choice,” said Dr Haddad.
The UK-based firm is a renowned practice of planners, urban designers, masterplanners and architects under the leadership of Sir Terry Farrell.
Over a period of more than 40 years, the practice has had the privilege to study and work in leading major world cities around the globe.
“We are elated with the trust and confidence that KM Holding and KM Properties has placed in our company as one of their partners for major development projects in the world starting off with projects planned in Saudi Arabia,” said Gavin Erasmus, Director of Terry Farrell & Partners.
“Our company’s expertise and reputation worldwide was significantly instrumental in KM Properties signing us up as a partner. We look forward with enthusiasm to carrying out the planned projects we are working on with KM Properties,” Erasmus added.
“The recent property development surge in Saudi Arabia has created more intense interest for Saudi investors who are considering investing in real estate,” said Dr. Haddad.
He said the group was looking to forge alliances with significant private and government entities that would join them in partnership projects through the joint alliance between KM Properties and Terry Farrell & Partners.
“Our alliance will not only open up joint benefits for each of our companies but will also allow related companies involved in property developments and designs to consider investments in the sector,” added Erasmus. TradeArabia News Service