Alandalus Property has started work on a major commercial development in Makkah being developed at a total investment of SAR831 million ($221.4 million) in the Umm Jurfan neighbourhood of the Saudi city.

 

On completion, the project will boast 350 rental units, including major showrooms, retail outlets, a hypermarket, an entertainment zone as well as indoor and outdoor café and restaurant, said Alandalus Property in its filing to the Saudi bourse Tadawul.

 

Spanning a 127,434 sq m area, the key commercial property comprises two floors and multi-level parking facilities for 1,800 cars, it added.

 

The land was purchased by Alandalus Property through the company Masat Property, which the company’s owns 25% of its capital, while Buroj International Company owns the rest 75% stake.

 

The Board of Directors of Masat Property signed up Hamat Holding as the project developer.

 

According to the developer’s report, the optimal final engineering design for the project was chosen from a group of designs prepared by the most skilled engineering offices in the kingdom. 

 

As per the engineering design, the project will boast an estimated rental area of 50,650 sq m.

 

The project will be financed mainly through bank loans and partly through the partners’ own resources, it added.

 

The Makkah retail project is likely for completion in the first quarter of 2027.-TradeArabia News Service