Alandalus Property begins development of $221mn commercial project
The project will be financed mainly through bank loans and partly through the partners’ own resources
Alandalus Property has begun work on a major commercial development in the Umm Jurfan neighbourhood in Makkah, Saudi Arabia. The project is being developed at a total cost of US $221.4mn.
Once complete, the project will feature 350 rental units, including major showrooms, retail outlets, a hypermarket, an entertainment zone as well as indoor and outdoor café and restaurant, said Alandalus Property in its filing to the Saudi bourse Tadawul.
Spanning a 127,434sqm area, the property will comprise two floors and multi-level parking facilities for 1,800 cars. As per the engineering design, the project will boast an estimated rental area of 50,650sqm.
The project will be financed mainly through bank loans and partly through the partners’ own resources, and is expected to be complete in Q1, 2027.
The land was purchased by Alandalus Property through Masat Property, which the company’s owns 25% of its capital, while Buroj International Company owns the rest 75% stake. The Board of Directors of Masat Property said they signed up Hamat Holding as the project developer.
According to the developer’s report, the optimal final engineering design for the project was chosen from a group of designs prepared by the most skilled engineering offices in the Kingdom.
