| Country |
: |
Saudi Arabia |
| Project Value |
: |
USD 13,300,000,000 |
| Sector |
: |
Real Estate | Community Development |
|
Consultant |
: |
Dar Al Handasah Shair and Partners
(Design) |
| Profile Type |
: |
Standalone Project
|
|
Phase:
Construction - Execution
|
|
Completion: 2014
|
|
|
|
| Background |
Khuzam Real Estate CompanyKhuzam Real Estate Company plans to renovate the Khuzam area, located in Al Nuzlah District, Jeddah.
The project will spread over an area of 4 million sq. m. area and will include the construction of residential units, commercial districts, hospitals, schools, and related facilities.
The project will be executed in 4 phases, phase 1 includes the development of Al Balad area, phase 2 includes the development of Al Sabeel area, phase 3 includes the development of Khuzam area, and phase 4 includes the development of Al Nuzlah area.
Dar Al HandasahDar Al Handasah is the design consultant. |
| Expected Events |
| Schedule |
Contract Phase/Phase |
Description |
| Jun 2012 |
Construction | Demolition works of phase 4 expected to start
|
| Aug 2012 |
Completion | Phase 2 expected to be completed
|
| Sep 2012 |
Construction | Construction of phase 3 expected to start | | Jan 2013 | Construction | Demolition works of phase 3 expected to be completed | | Apr 2013 | Construction | Demolition works of phase 4 expected to be completed
|
| Aug 2013 |
Completion | Phase 3 expected to be completed | | 2014 | Completion | Project expected to be completed
|
|
| Latest Events |
In May 2012, the construction work of phases 1 and 2 was still ongoing.
In June 2012, the demolition works of phase 4 is expected to start .
In August 2012, the construction of phase 2 is expected to be completed.
In September 2012, the construction of phase 3 is expected to start.
In January 2013, demolition works of phase 3 are expected to be completed .
In April 2013, the demolition works of phase 4 is expected to be completed .
In August 2013, the construction of phase 3 is expected completed .
In 2014, the project is expected to be completed. |
| Previous Events |
In April 2012, the demolition works of phase 3 started.
In December 2011, demolition works of phase 1 and 2 were completed, and the construction of phase 1 and 2 started (delayed from September 2011).
In February 2011, the demolition works of phase 2 started.
In May 2010, the demolition works of phase 1 started.
In March 2009, the demolition works of the Khuzam swimming pool and the park started.
In October 2008, the project was officially launched.
In Q2 2008, Dar Al Arkan Real Estate Development CompanyDar Al Arkan Real Estate Development Company and Jeddah Development and Urban Regeneration Company established Khuzam Real Estate CompanyKhuzam Real Estate Company to develop the Qasr Khuzam project. |
| Scope of Work |
Development of a 4 million sq. m. real estate project including:
- Demolition of the existing structures
- Development of infrastructure facilities
- Construction of residential units, commercial districts, hospitals, schools, and related facilities. |
| Financing Source |
On October 2011, Dar Al Arkan Real Estate Development CompanyDar Al Arkan Real Estate Development Company announced that Public Investment Fund(PIF) will be financing USD 1 billion of the project. |
|
| Schedule | Contract Phase/Phase | Description |
| Q2 2008 |
Planning | Khuzam Real Estate CompanyKhuzam Real Estate Company established
|
| Oct 2008 |
Announcement | Project officially launched
|
| Mar 2009 |
Construction | Demolition works of the pool and park started
|
| May 2010 |
Construction | Demolition works of phase 1started
|
| Feb 2011 |
Construction | Demolition works of phase 2 started
|
| Dec 2011 |
Construction | Demolition works of phases 1& 2 completed | | | Construction | Construction of phase 1 & 2 started
|
| Apr 2012 |
Construction | Demolition works of phase 3 started
|
| Jun 2012 |
Construction | Demolition works of phase 4 expected to start
|
| Aug 2012 |
Completion | Phase 2 expected to be completed
|
| Sep 2012 |
Construction | Construction of phase 3 expected to start
|
| Jan 2013 |
Construction | Demolition works of phase 3 expected to be completed
|
| Apr 2013 |
Construction | Demolition works of phase 4 expected to be completed
|
| Aug 2013 |
Completion | Phase 3 expected to be completed
|
| 2014 |
Completion | Project expected to be completed
|
|
|
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