Sidra Capital to advise Eden Residence investors
JEDDAH, April 7, 2016
Sidra Capital is set to play a role as the 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 (Nawa); and Amer Zein El Abdin, president of National Marketing Co, have entered into a joint venture to develop the project with Nawa being appointed as the development manager for the project.
Hani Baothman, vice-chairman, said: “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.
“The project gross development cost is estimated at SR80 million ($21.3 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 has been 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. As many as 10 retail units are also available and are expected to serve the needs of the Eden Residence residents and its surrounding areas.
“Participation in this project paves the way for a hopefully long term working arrangement between Sidra and Nawa in real estate development in Saudi Arabia, which includes the establishment of real estate development funds,” Al Azem added. - TradeArabia News Service
