Work begins next week and will include the restoration of the palace. The whole development is expected to take six years to complete, although work will be done in phases. The first phase should be ready, said the company, in late 2009.
The mixed use development will include shopping malls, commercial districts, villas, hospitals and schools, with its centre piece being a grouping of office towers around a lagoon, which runs in from the Red Sea. Not far from Jeddah's airport, the development will have a monorail that connects it to the main railway station.
Qasr Khozam is a 51:49 joint venture between Dar Al Arkan and Jeddah Municipality, and expected to cost SR580m. The venture is called the Khozam Real Estate Development Company.
The company said it is selling properties in the development off-plan, which is not usually allowed in Saudi Arabia as it is not considered Shariah compliant. Anyone can buy, including non-GCC expats, who can get properties on 99-year leases. Expats must have a residence or investment visa.
Financing is offered through Saudi Home Loans, a sister company to Dar Al Arkan; both companies are owned by brothers.
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New town planned for Jeddah
- Saudi Arabia: Thursday, October 09 - 2008 at 17:44
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Dar Al Arkan launches its latest development this Saturday, in Jeddah on the Red Sea coast of Saudi Arabia. Called Qasr Khozam, it is in a 4 million square metre area of land that also incorporates the palace of the late King Abdulaziz bin Al Saud.
The business district in Qasr Khozam, with the lagoon in its middle
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Rob Jones, Editorial DirectorThursday, October 09 - 2008 at 17:44 UAE local time (GMT+4)
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This article was updated on Fri Oct 17 2008.
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