Crystal Lagoons launches $4bn mega project in KSA
This is Crystal Lagoons' second project in Saudi Arabia
Crystal Lagoons Corp. has launched an eight-hectare lagoon project in Saudi Arabia.
The lagoon will be the leisure centrepiece of the 240-hectare mixed-use project under development by the Prince Sultan Cultural Centre located north of Jeddah.
The new project, which is Crystal Lagoon’s second such development in the Kingdom, has been valued at $4bn (SAR15bn) and will include a dedicated medical city, cultural centre, education facilities, luxury hotels, residential villas and apartments supported by extensive leisure facilities, which include the country’s first ever Jack Nicklaus nine-hole golf course.
Commenting on the project, Kevin P. Morgan, CEO, Crystal Lagoons, said: “This will be the largest manmade crystalline lagoon of its kind in the Kingdom and represents yet another milestone in Crystal Lagoons’ efforts to expand its Middle East presence.”
“The project also holds special significance for the country, as it is being built to honour the memory of the late Crown Prince Sultan bin Abdulaziz Al Saud, and our partnership with PSCC gives us a unique opportunity to contribute our expertise towards a world-class project at the heart of a new a cultural icon for the region,” Morgan added.
A multi-phased project, with phase one scheduled for completion in 2015, the project has already broken ground and is scheduled to be up-and-running within the next three to five years.
A total of 3,600 residential units comprising apartments, villas and condominiums, 750 rooms spread across three hotels and a business park will be complemented by the proposed medical park, which will include hospitals, clinics and support services administered by Houston Methodist, the largest hospital operator in the US. An international university, two schools, extensive retail and the cultural centre will round out the development.
“The potential of Saudi Arabia’s real estate sector makes it one of the most exciting markets in the region right now, and arguably one of the most important,” Morgan said. “This particular project demonstrates the fluid adaptability of our concept and technology to even the most demanding environment.”
“With a number of live and pipeline projects across the Middle East, from Egypt to our most recent signings in Oman and the UAE, we are seeing tremendous interest from developers around the region who are keen to differentiate their projects and offer a new dimension to the consumer leisure experience,” he added.