Freehold properties drawinterest at Jeddah show

The impact of White Land Tax, Vision 2030, opportunities for foreign investors and building a tourism hub were among the topics on the agenda at this year’s Jeddah Urban Development & Real Estate Investment Event, powered by Cityscape, which ended on Friday.
The unveiling of some of the country’s and region’s most anticipated projects from major developers highlighted the exhibition held at the Jeddah Centre for Forums and Events, owned by the Jeddah Chamber of Commerce and Industry (JCCI).
Held with the support of Jeddah Gov. Prince Mishaal bin Majed, the exhibition has remained a platform for the country’s major developers to tout the Kingdom’s real estate prowess with offerings in the residential, hospitality and commercial sector.
The show drew significant interest from visitors looking to invest in several residential developments, a factor attributed to the exclusive opportunities promoted at the event. 
The seventh edition of the Jeddah Urban Development & Real Estate Investment Event, put the spotlight on a range of projects that are set to alter the Kingdom’s landscape.
The event was opened on behalf of Prince Mishaal by Jeddah Municipality Mayor Professor Hani Mohammad Aburas.
Aligned with Vision 2030, the event focuses on home ownership as well as efforts to build a tourism hub and create attractive real estate investment opportunities in the Kingdom.
David Nezar Awayda, chief sales and marketing officer, Jabal Omar Development Company, said: The importance of attending Cityscape is to showcase and highlight what Jabal Omar is planning to deliver to the people worldwide.
Jabal Omar Development Company (JODC) is a major real estate development company focused on the Haj and Umrah sector.
It is one of the largest real estate developers in the Middle East and also one of the largest companies on Saudi stock exchange (Tadawul).
Its flagship project, Jabal Omar, is a mixed-use mega-development walking distance from the Grand Mosque in Makkah.
As Makkah continues to welcome visitors in increasing numbers from around the world, the company is also a proud contributor to the development of the area surrounding the Grand Mosque as well as of the people of Makkah.
Over the following 12 months, Jabal Omar will be on track to deliver its phases 2 and 3. “We will be taking registrations of interest to invest in what we believe to be an investment never to be repeated,” Awayda said.
The Jabal Omar development consists of seven phases in terms of construction and sales. Phase 1 is operational and “we welcome you to experience The Conrad, The Hilton, The Marriot and the Hyatt hotels.
Phases 5 to 7 are currently under review and may have some master planning improvements that will be released in due course.
Arron Browne, MD of Sloanes Real Estate KSA, said: “It’s an honor to be part of Cityscape again, as this is where we kicked-off our project in 2015,”  
Soanes Real Estate Brokers, a subsidiary of the SABBAN Group of Companies, unveiled the latest construction updates of Bayat Plaza at Cityscape Jeddah. Located off the intersection of Madinah Road and King Abdullah Road in Jeddah, the Bayat Plaza project is the first of its kind mixed use residential high-rise development in Jeddah, “We are delighted to announce that 80 percent of the construction is done and we have sold 40 percent of Bayat Plaza’s available units with only one year to go until the expected delivery date,” Browne said.
The whole Bayat Plaza project is ready for delivery in 2017.
The value of the Bayat Plaza project after completion will be SR600 million. “We predict minimum 7 percent of return on investment,” he added.
Taking centerstage at the Tilal Properties stand was its scale model of the pioneering 25 million square feet project Tilal City and its showpiece retail development, Tilal Mall, which once complete will be Sharjah's largest commercial and retail destination. Khalifa Al-Shaibani, director general of Tilal Properties, said his organization’s involvement at Cityscape Jeddah was more than just a commercial concern.
“Cityscape Jeddah represents the perfect opportunity to showcase our freehold and leasehold offerings to potential investors in Saudi Arabia, but we see our participation as having a far broader remit,” Al-Shaibani added.
Located on the Emirates Road in Sharjah, Tilal City is the first-of-its-kind mixed-use community in Sharjah and includes residential, commercial, recreational, educational, retail and community facilities.
Offering 1,855 land plots, the AED2.4 billion development is a 10-minute drive from Sharjah International Airport and 2 km distance from Dubai. The advanced road and traffic infrastructure of the locality makes convenient commuting to the UAE’s other five emirates.
Tilal City is the first project to get leasehold for 100 years for non-Arabs, he said.
There is no delay in the Tilal City project but in fact ahead of schedule and this is the first project which has complete infrastructure ready for handover. Agaoglu, Turkey’s major real estate developer, said Cityscape Jeddah helped in building huge interest in Turkish real estate projects from investors in the region.
Ali Agaoglu, president of executive board of Agaoglu Group of Companies, said Cityscape Jeddah offered the most efficient platform as it brought together the biggest investors from Saudi Arabia as well as the Gulf region, making way for successful partnerships and expansion.
“As Arabs intend to invest in Turkey, we focused on Saudi investors. There is a big demand for Saudi investors in Turkey,” he said, adding that new law was enacted to allow GCC nationals to invest in Turkey in 2013.
“With our solid experience as the biggest representative of the Turkish real estate industry in the Middle East, Agaoglu has been successful in catering to the requirements of property owners and investors as well as potential buyers in one of the most attractive real estate markets in the region,” he added.

Source: Arab News