ASR1.4 billion ($373.28 million) contract for the construction of the 16 residential towers within Bay La Sun Village – the first and fully integrated residential community within the $52 billion King Abdullah Economic City (KAEC) taking shape in Rabigh, near Jeddah – was awarded to Saudi Binladin Group last month.
The KAEC project – spread over a 168 million sq m area on a pristine location off the Red Sea in the north of Jeddah – is the single largest private sector-led project in the region with six key components: a seaport, industrial zone, central business district (including the financial district), resort district, educational zone and residential communities. Work on the first phase is ongoing and several key contracts have been awarded already by the project’s developer Emaar EC, a Tadawul-listed company.
Fahd Al Rasheed, CEO, Emaar EC says: “King Abdullah Economic City is making rapid strides in its evolution as a premier investment destination for industries. The strong investor response from several industrial and manufacturing companies signals the trust in the high-growth opportunities presented by KAEC. Emaar EC partners with renowned contractors and designers in developing KAEC to ensure a world-class development.”
The contract secured by Saudi Binladin Group, covers the design and construction of the 10-storey residential towers – each of which will feature two to five bedroom apartments.
Describing the towers covered by the contract, Hosam Jomah, executive director-projects of Emaar EC, says: “The elegantly-designed towers have luxury features that reflect the latest construction standards. The towers, which will have a total built-up area of 332,000 sq m, are scheduled for completion in September 2009. In all, the residential project will feature 1,000 apartments, parking space for 1,700 cars, a retail area of 15,000 sq m and lobby area of 7,000 sq m. Strategically located to maximise views of the Red Sea, the towers will have visual corridors that open to sea views and to be lined by retail and leisure amenities.”
The contract to Saudi BinLadin Group was the latest among a string of deals awarded by Emaar EC for the KAEC. In February, the developer awarded Freyssinet Saudi Arabia the design and construction deal for the first phase of the exclusive commercial space of the Business Park within Bay La Sun Village. Under the SR348 million contract, Freyssinet Saudi Arabia will design and construct two office buildings and a two-storey basement parking. One building will be for the exclusive use of the Saudi Arabian General Investment Authority (Sagia), the prime facilitator of KAEC and the body responsible for inward investments into the kingdom, while the other will be partially occupied by Emaar EC.
The five-building Business Park covers a total area of 258,000 sq m and will have a comprehensive range of amenities including hi-speed Internet and telecom connectivity and quality finishes. A day-care centre, retail outlets and restaurants will be part of the modern complex.
“The Business Park will be a unique component of KAEC, featuring the highest quality design and employing advanced construction practices. It will be a magnet for business investors, who can also benefit from the lifestyle amenities offered at Bay La Sun Village,” says Al Rasheed.
Meanwhile, early this year, Emaar EC awarded a developmental contract worth SR115 million to Saudi Arabia-based Cemcco for undertaking the infrastructural work within the mega-project’s Industrial Zone. The contract covers the utilities work over 1.58 million sq m of land and forms part of the first phase of development of the Industrial Zone, which will eventually have an area of 63 million sq m of land dedicated to industrial and light manufacturing facilities. Cemcco will undertake the construction of two sewage pumping stations, irrigation tanks and pump rooms, electrical substation, a potable water network, irrigation and firewater network, MV (medium-voltage) power cable network and street lighting, sewage network, water storm channel network, telecommunication ducts and roads. Turner will be the project manager and Dar Al Handasah will be the consultant and supervisor.
The Industrial Zone has been specifically designed with the needs of manufacturers in mind, and will eventually host more than 2,500 industries and manufacturers. The premises are being built in cooperation with world-class environmental experts and consultants to ensure the highest specifications of security, safety and environmental preservation.
