Tuesday, 06 November 2007
By Mohammed Al-Kinani and Adel Al-Malki
JEDDAH - Prince Khaled Al-Faisal, the Emir of Makkah, on Monday formally launched Emaar Co.'s residential project Abraj Al-Hilal, a part of Jeddah Gate project that the real estate development company is developing. Ala'a Abdullah, executive chairman of Emaar, said the project is part of Emaar's efforts to broaden its footprint in the Kingdom's real estate development industry.
"The SR6-billion project is the first among the many residential complexes we intend to develop," he said.
Sales begin on November 7. The project consists of 3 housing towers that house apartments between 124 and 600 square meters.
"As one of the fastest growing cities in the Kingdom, Jeddah has a high demand for world-class residences," Ala'auddine Sa'id, chief executive director of Emaar Mideast said in a press conference. "The project will have 6,000 residential units built on 230,000 square meters of office space and 75,000 square meters of commercial area." Sa'id however did not reveal how much each unit would cost.