Sunday, September 6, 2009
Nawras Twin Towers Jeddah
Keppel Land, one of Asia's leading property developers, feels the time is right to invest and develop a premium site in Saudi Arabia. This is despite the fact that economic uncertainties and stock market volatility continue to weigh down sentiments in the property market.
The reason is that population growth and an increasingly robust middle class are fueling a boom in high-end real estate development in Saudi Arabia, where government reforms are encouraging dynamic construction activity.
With the Jeddah Municipality's recent move to develop the Jeddah Corniche into one of the world's striking seafront developments, Keppel Land, one of whose specialties is seafront property development, saw an opportunity to make a major foray into the Kingdom's real estate sector.
The project is a 300-meter high waterfront development, consisting of two landmark residential towers with more than 900 luxury apartments, designed to meet the demand in the Kingdom's niche market of luxury lifestyle.
The residential complex will feature all the amenities and technological advancement of the 21st Century.
It is being developed by Keppel Al Numu, the recently formed joint venture between Keppel Land and the Saudi Economic and Development Company (SEDCO).
The company will handle the project from start to finish -- beginning from the first half of next year and complete it by 2013. The project is expected to cost around SR3 billion.
Keppel Land Group is excited about their first venture in the Kingdom, and this was reflected in Group Chief Executive Officer Kevin Wong's assessment. "We are excited that our venture into Saudi Arabia is a landmark waterfront development in Jeddah, the Kingdom's commercial and recreation hub, and our experience and expertise in developing large-scale integrated lifestyle developments will stand us in good stead in Jeddah."
Ang Wee Gee, executive director & CEO, international, of Keppel Land International Ltd. -- an arm of the Keppel Land Group, too echoed this sentiment. "With strong economic growth and accelerated economic reforms in the Kingdom, Jeddah has enjoyed high growth in real estate in recent years," he said.
"Jeddah's north corniche is a prime real estate location with its long sea frontage and cluster of new lifestyle developments. The city is also seeing a growing trend toward high-rise luxury apartments designed and developed by reputable developers. This is where Keppel Land will bring its superior quality in execution and management to bear on this new market," Ang said.
He was also cautiously optimistic about the project being completed on time despite the global economic crisis taking its toll on every region. "I am optimistic because of the core strength of the Keppel Land Group. Also our partners in this project are strong," he said.
"The global financial crisis will definitely impact everyone and many countries have slipped into recession or technical recession and this will slow growth and investments," Ang said.