ALKHOBAR: Saudi Arabia’s Public Investment Fund has kicked up a waterfront development of 829,000 sq. meters in Alkhobar, with building contracts and private-sector deals fast-tracking plans for a mixed-use destination integrating residential, commercial and recreational facilities.
The launch was seen by the governor of the Eastern Province, Prince Saud bin Naif bin Abdulaziz, Deputy Governor Prince Saud bin Bandar bin Abdulaziz and Saudi Downtown Co. Chairman Ibrahim Al-Sultan on Nov. 1.
The project, built by PIF subsidiary SDC, will have more than 4,000 residential units, over 500 hotel rooms and 40,000 sq. meters of office space. It will also comprise around 139,000 square meters of retail, restaurant and café space, and 103,000 square meters of green areas and public parks.
Residential development also has moved forward with three agreements inked with Sumou Real Estate on Nov. 1 for the development, construction, marketing and sale of residential structures and towers. The 48-month deals comprise mid-rise towers and a high-rise tower and finance is partly supported by off-plan sales.
A key part of the development is the planned shopping mall and promenade. The project saw Cenomi Centers sign a design-and-build contract with Lynx Contracting Co. in June for SR1.33 billion ($345.3 million). The 36-month contract involves design, engineering and construction of the destination that will comprise around 110,000 sq. meters of gross leasable area within a total built-up area of 152,000 sq. meters.
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