Sedco Development, a key developer in Saudi Arabia, has been awarded a contract for the construction of Gardenia Residence, a project in Jeddah owned by the AlAhli Sedco Residential Development Fund in partnership with Ghoneim International Company.

It is a subsidiary of Sedco Holding Group and the prime developer of AlAhli Sedco Residential Development Fund.

The project work will be completed by the end of 2016, stated Sedco Development CEO Khalid Assad Jamjoom after signing the contract with Al Said Ghoneim, the general manager of Ghoneim International Company.

Gardenia Residence is spread over a 26,000-sq-m area located on the west of Madinah Road, which was previously acquired by the Fund through Sedco Development. The project accommodates more than 370 different types of residential units that cater to the needs of residents as part of the growing demand in Jeddah’s real estate sector.

The deal comes as part of Sedco Development’s joint strategy with real estate funds, investors, land owners and the development of real estate units that aims to meet the growing local demand on diverse residences, stated Jamjoom.

NCB Capital successfully closed the investment fund after its investors’ shares exceeded the targeted amount of SR350 million ($93.2 million), aiming to achieve 10 per cent internal returns per annum, he added.-TradeArabia News Service