Alandalus Property headquarters
Alandalus Property Co. stated that it completed 70% of Al Jawhara Al Kubra project in Jeddah, according to a bourse statement.
The company completed 100% of the structure and concrete works, 80% of facades, 70% of electromechanical works, and 65% of interior finishings.
As per the latest report received from the developer partner, the project is expected to complete in the second quarter of 2022.
The project will be operational in the third quarter of 2022, Alandalus added.
It indicated that there is a change in the cost by SAR 22.34 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. Thus, the total cost including the land value is SAR 895.34 million.
The project is named "The Village", and the trade name for the owner company Al Jawhara Al Kubra Co. will not be changed.
In February 2019, Alandalus announced that it will begin construction work at Al Jawhara Al Kubra project in Jeddah in Q1 2019, according to data available with Argaam.
It added that the project will be built on a land plot spanning 124,880 square meters at AAl Jawhara Al Kubra,lasala District.
Construction works were expected to be completed by the end of Q4 2021.
The title deed of the project's land was transferred to Al Jawhara Al Kubra Real Estate Development and Investment Co., with ownership distributed as follows:
Alandalus Real Estate (25%), Jarir Commercial Development Co. (42%), and Mohammed Al Habib and Partners Real Estate Investment (33%) (related parties).
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