AI Summary
Alandalus Property Co. will push ahead with expansion projects within Saudi Arabia’s real estate sector, while it’s also planning to break into other sectors, the company said in its IPO prospectus report.
The company is set to launch the Staybridge Suites Hotel Al Andalus Mall in Jeddah during Q3-2016. The cost of the new shopping center and surrounding facilities is estimated at around SAR 121.12 million.
The mall is part of Alandalus Square, a mixed-use integrated development which includes five commercial, residential, office and hotel towers.
The developer is also reviewing plans to establish the Sulaiman Al Habib Medical Center in Jeddah. The medical facility is a joint project with Sulaiman Al Habib Medical Group.
Other projects include the SAR 24.44 million Al-Andaus Mall expansion and the Panorama Jeddah Mall which is expected to cost SAR 754.44 million.
This week, Argaam reported that the company would float 21 million shares, or 30 percent of its capital in an upcoming initial public offering (IPO).
The share sale will run from December 17 to December 23, after the completion of the book-building process.
|
Alandalus Property’s Developments |
|||
|
Cost (SAR mln) |
Scheduled date of completion |
Status |
Project |
|
121.12 |
Q3-2016 |
Under-construction |
Staybridge Suites Hotel Alandalus Mall |
|
-- |
Q2-2015 |
Completed |
Yarmouk Center |
|
-- |
Q3-2015 |
Completed |
Tilal Center |
|
-- |
Q1-2015 |
Completed |
Sahafa Center |
|
-- |
-- |
Under-study |
Sulaiman Al Habib Medical Center (HMC) in Jeddah |
|
24.44 |
Q1-2016 |
Under-construction |
Al-Andaus Mall expansion |
|
754.44 |
Q4-2020 |
Announced |
Panorama Jeddah Mall |
Be the first to comment
Comments Analysis: