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Apartment sales for Emaar Middle East’s Jeddah Gate project in Saudi Arabia are slowly improving after a “harsh” year according to business development manager Akram Omar.
“Sales have started to move better than before. This Q3 and Q4 were much better than Q1 or Q2 and the trend will continue in 2010,” he told CW Online.
“Jeddah Gate is now starting to come back on track. 2009 was harsh, 2010 will also be hard, but not as bad.”
Omar added that they intend to launch at least one of two new phases of the project in 2010 including a small low-rise office complex with plaza and a medium-rise residential block.
He said a 30-storey commercial office tower, which was expected to start construction in mid-2009, had been put on hold indefinitely until market conditions improve.
“The office tower is still on hold because we don’t want to spoil it by letting it go out in a low market,” he said.
“We are ready with the plans and approvals, but we’re not sure if the market is ready for this kind of volume yet, that’s why we’re holding it back.”
The master plan for the US $1.6 billion (SAR 6 billion) Jeddah Gate includes three 30-storey office towers.
When completed it is envisaged the project will have around 70 towers in total and include 6,000 residential units, 250,000m2 of office space and 75,000m2 of retail space.
Construction of the first three residential towers began in November 2007 and will be handed over this year, said Omar. Infrastructure for the entire site will also be completed in 2010.
Emaar Middle East is a joint venture company between Dubai’s Emaar Properties and Saudi Arabia’s Al Oula Real Estate Development Company.
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FEATURED COMMENT
I would like to know information about apartments ( sizes ) . prices , in the current phase or a new phase to be launche