Saudi SEDCO awarded contract for construction of Gardenia Residence

 | June 16, 2015

undefinedSEDCO Development has been awarded a contract for the construction of "Gardenia Residence", a project owned by Al Ahli SEDCO Residential Development Fund, in partnership with Ghoneim International Co.

Gardenia Residence covers a 26,000 sqm land located west of Madinah Road previously acquired by the Fund through SEDCO Development. The project accommodates more than 370 diversified residential units that cater to the needs of residents as part of the growing demand in Jeddah's real estate sector.

The project's execution phase is 19 months, with expected delivery date set for the end of 2016.

Ghoneim International Co. acquired the project under its ability to provide competitive prices and determine the timeline for the execution of the project.

The project's signing falls under SEDCO Development's strategies in partnership with real estate funds, investors, land owners and the development of real estate units that answers the growing local demand on diversified residences.

Khalid Assad Jamjoom, CEO of SEDCO Development and Al Said Ghoneim, GM of Ghoneim International Co. signed the contract.

NCB Capital has successfully closed the investment fund after its investors' shares exceeded the targeted amount of $93 million (SR350 million), aiming to achieve 10 per cent internal returns per annum.

 

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