Apartments at Saudi Arabia’s 1km tall tower set for sale
Residential sales for Jeddah’s $1.2bn Kingdom Tower, which has backing of Prince Alwaleed, likely to start this year
Apartments at a kilometre-high tower in Saudi Arabia, which is set to become the world’s tallest building, are likely to go on sale later this year, according to media reports.
The Kingdom Tower in Jeddah, which is currently under construction and expected to complete in 2018, is being built at a cost of $1.2 billion and has the backing of Saudi billionaire Prince Alwaleed bin Talal.
Mounib Hammoud, chief executive of the project’s master developer Jeddah Economic Company (JEC), told Reuters that sales should begin this year.
“[Apartments] will be for sale. Maybe we will rent some, pool some for rental or do [investment] funds on a few – it depends on the market,” he told Reuters.
Kingdom Tower will have 360 residential apartments and is set to be eclipse Dubai’s Burj Khalifa, which stands at about 830 meters, as the world’s tallest building.
