25 April 2016Wajihat Wajdan Albahriya in Khobar sets the bar high for future development projects in Saudi Arabia
Riyadh - The "Al- Oula Real Estate Development Company, one of the largest real estate developers in the Kingdom," has enhanced its prestigious project portfolio of luxurious hotels and residential and hotel apartments in the "Khobar City" with the launch of the "Wajihat Wajdn Albahriya" project in Khobar at the Eastern Province of Saudi Arabia, in the margins of its participation in the "Restatex Riyadh Exhibition 2016"; as it represents the latest luxurious projects that are added to the "Al-Oula" portfolio from residential, hotel and commercial projects. "ajdan" project covers an estimated area of 40 thousand square meters; the project includes two luxurious residential towers adjacent directly to the Arabian Gulf on an area of 14 thousand square meters; they are characterized by their strategic location on the Khobar Corniche, each tower consists of 40 floors containing 180 housing units, 90% of which have a unique view of the sea, and each tower provides distinguished and unique services to give an unrivalled experience for the residents, in addition to luxurious restaurants, modern gyms, swimming pools, and a spa. The project also includes a five-star hotel providing high-level services on an area of 6,800 square meters, containing 275 rooms; furthermore, the project also includes a commercial village containing a unique group of restaurants and entertainment centers on an area of 17 thousand square meters; and comprising of 13 commercial buildings, areas dedicated for children, an athlete walkway, parking lots, gardens and water fountains.
Mr. Ibrahim Al-Alwan, Chief Executive Officer of the Al-Oula Company: "The project will provide an innovative and classy environment, in accordance with a modern style for a different and renewable life in the Kingdom. We believe in the necessity of creating integrated commercial and residential products to conform to the development occurring in Saudi society and to meet the desire of a segment of citizens seeking destinations characterized by their privacy and luxury.
He added: "The sustainability of the Saudi economy, the population growth and the changing lifestyle give positive signs of the increasing demand for this type of real estate products, which leads us to develop new products in an integrated range of real estate solutions in the Kingdom, including solutions regarding design, construction, project management, property management and its operation.
Al-Alwan noted that the "Wagdan" project is an introduction to a collection of vital and quality projects that will be developed by Al-Oula in the Kingdom. This project will constitute a paradigm shift at the level of the residential units and the concept of entertainment in Eastern Province and the Kingdom. The two residential towers are located within an integrated multi-use plan comprising of a five-star hotel, a shopping mall and two offices, all of them will be established in conjunction with the first residential tower, whose implementation has started in order to provide a multi-use complex, in addition to providing services for its occupants, the users of the shopping mall and the offices, and for the hotel residents. It is expected that the project will assume a prestigous position as the most prominent landmark in the city and an exceptional gateway to the "Wajihat Al-Khobar Albahriya" which is considered the most prestigious tourist destination for attracting visitors.
Furthermore, "Wajihat Wajdan Albahriya " project integrates with the efforts of the Al- Oula Real Estate Development Company in order to raise level of strong trust, which are given by the investors' to the added-value real estate market in Saudi Arabia, and also to meet the demand for luxurious residential and hotel projects in prominent locations, and the project enhances the growth of the real estate and tourism markets in the Eastern Province.
Al-Alwan expects the project to become one of the leading hotel, residential and commercial destinations in the "Khobar City", as this project combined all the modern conveniences with the internal design philosophy that evokes exceptional elegance and luxury touches, in addition to establishing a unique lifestyle.
In a strategic move, the Al- Oula Real Estate Development Company has signed a memorandum of understanding with the Al-Istithmar for Financial Securities and Brokerage Company (Al-Istithmar Capital) to establish a real-estate investment fund, aiming to develop the residential tower at the "Wajdan Albahriya" destination site. This step aims to build a strategic relation between the Al- Oula Real Estate Development Company, which will provide services for managing the development, implementation and supervision of the project, and the Al-Istithmar Capital, which will organize the project's financial structuring, establish the real-estate investments fund and obtain its license from the Saudi Capital Market Authority, in addition to managing the Fund's money and directly supervising its performance. This fund is considered the beginning of a series of real estate investment funds, which the two companies intend to launch in the coming years.
© Press Release 2016