Architecture contract is for 140,000sqm development that will comprise of two towers
Cayan Group, the Saudi-owned property developer, has signed an architectural contract with Nikken Sekki, the Japanese architectural firm, for its upcoming $320 million mixed-use waterfront project in Obhur, Jeddah.
The new project will have a built-up area of 140,000sqm that will contain two towers – a five-star hotel, and the other a branded residential tower offering high-end living.
“This is another foray for us into the hospitality sector in the Middle East, signalling our commitment to investing in the growing sector in Jeddah and elsewhere,” said Ahmed Alhatti, chairman of the Cayan Group, during the unveiling of the group’s massive Obhur waterfront project at the MIPIM property show in Cannes, France.
The mixed-use project being developed in Jeddah is taking advantage of the city’s growing prominence amongst visitors and residents, the statement from Cayan added. The success of the Jeddah Economic City has seen the city’s real estate and hospitality sectors gather pace over the last few years, it added.
The hospitality sector in Jeddah is influenced by local demand, as well as from pilgrims coming on Hajj, Cayan’s chairman said. Thus, the city’s hospitality sector appeared to be a resilient sector, with good ROI potential, Alhatti said.
Nikken Sekkei offers a range of comprehensive professional services across the real estate and construction industries. It has worked on several high-profile projects around the world, including the Yamaha Ginza, the Hoki Museum, Guangzhou Library.
It is currently involved on projects in the UAE and Saudi Arabia, the statement said.
“We are happy to be a part of yet another Cayan Group project. The beauty and uniqueness of these projects inspire us all. We look forward to capturing Cayan Group’s vision, integrating the project with the natural beauty of the Obhur waterfront and contributing towards the completion of this project,” remarked Kamei Tadao, the president of Nikken Sekkei.
“This fulfilling partnership intends to bring along another great product that is in line with Cayan Group’s veneration to innovation & excellence,” he noted.
Speaking about Saudi Arabia as its home market, Alhatti said that Cayan was keen to extend its support to the Kingdom’s economic development.
“We have wanted to expand our brand in the market, but more importantly we have wanted to extend our support and fulfil our commitment towards the local economy and be part in pushing the economic wheel and nourishing Saudi’s real-estate sector with quality projects & iconic designs.”
“On an operational level, the expansion of our brand to Jeddah will increase our brand awareness, and market share in Saudi Arabia,” he explained.
“We believe the construction of this new project on the Obhur waterfront in Jeddah will integrate well into the beautiful natural scenery of the city, and the burgeoning economic development.”