Luxury residential project in Jeddah

JEDDAH — Sidra Capital announced its role as investment advisor to a group of investors in Jeddah’s latest luxury residential project Eden Residence. The group consisting of Al Murjan Holding; Mohamad Zouheir Al Azem, partner in Nawa Real Estate Development LLC (Nawa); and Amer Zein El Abdin, President of National Marketing Co Ltd., have entered into a joint venture to develop the project with Nawa being appointed as the development manager for the project. “This project indicates the commitment of Saudi investors to the domestic real estate market and is an indicator that there are still profitable investment opportunities locally amidst all the economic uncertainties prevailing in the region” said Vice-Chairman of Sidra Capital, Hani Baothman. “The project gross development cost is estimated at SR80 million and is expected to be completed by mid-2018.” Eden Residence is a prime residential and retail development located on Ibrahim Al-Juffali Road in the Al-Andalus district of Jeddah. The project is envisaged as a luxury vertical residential compound that provides exclusive living style for its residents. Eden Residence offers 58 residential units with configurations ranging from studio to 3-bedroom units to cater to the different demographics. 10 retail units are also available and are expected to serve the needs of the Eden Residence residents and its surrounding areas. Mohamad Zouheir Al Azem said: “Participation in this project paves the way for a hopefully long term working arrangement between Sidra and Nawa in real estate development in the Kingdom of Saudi Arabia, which includes the establishment of real estate development funds.” — SG