Saudi developer Cayan Group has announced plans for a new project at the Obhur waterfront in Jeddah designed by Japan’s Nikken Sekkei, the architectural firm which also worked on Cayan’s Cantara project in Dubai.
The project will sprawl across a built-up area of 140,000 sqm at a cost of SAR 1.2bn ($320mn) and will consist of two towers: one a 5-star hotel and the other branded residences offering high-end living, Cayan revealed at the world’s leading property show, MIPIM in Cannes, France.
The mixed-use project will take advantage of the city’s growing prominence amongst visitors and residents. Riding on the development of the Jeddah Economic City, the real estate and hospitality sectors are gathering pace, fuelled by local demand and pilgrims.
Ahmed Alhatti, Chairman of Cayan Group commenting on the decision to invest in Jeddah said, “Saudi Arabia is Cayan Group’s home ground. We have wanted to expand our brand in the market, but more importantly we have wanted to extend our support and fulfil our commitment towards the local economy and be part in pushing the economic wheel and nourishing Saudi’s real-estate sector with quality projects & iconic designs.
“On an operational level, the expansion of our brand to Jeddah will increase our brand awareness, and market share in Saudi Arabia. We believe the construction of this new project on the Obhur waterfront in Jeddah will integrate well into the beautiful natural scenery of the city, and the burgeoning economic development.”
Source : http://www.cbnme.com