Saudi-based Alandalus Property Company has announced that it has completed 70 per cent of the work on its premium development, Al Jawhara Al Kubra, coming up on a 124,880 sq m area in Jeddah city.
Construction is in full swing on the project with 100% of the structure and concrete works fully completed, while the facades is 80% ready, electromechanical works 70% and interior finishings 65% completed, stated Alandalus in its filing to Saudi bourse Tadawul.
The work on the project, which is 25% owned by Alandalus Property, is due for completion in the second quarter and will be ready for operations in Q3, it added.
According to the latest report received from the developer partner, there is a slight change in the project cost which has risen by an additional SR22.3 million ($5.9 million) mainly due to an increase in the built-up area, the implementation of additional works in the entertainment area, and some other works on the site.
With this, the total projecct cost inclusive of the value of the land has surged to SR895.3 million ($238.4 million).-TradeArabia News Service