Saudi Joint Stock Company, Alandalus Property has completed 70 percent of the work at its premium development, Al Jawhara Al Kubra, coming up on a 124,880 square meter area in Jeddah city.
The Alandalus explained in its filing to Saudi bourse Tadawul that, the construction work of the Al Jawhara Al Kubra is in full fledge with 100 percent of the structure and concrete works completed. While the facades are 80 percent are ready, electro-mechanical works are 70 percent and interior finishing is 65 percent completed.
The work on the project, which is 25 percent owned by Alandalus Property, is due for completion in the second quarter and will be ready for operations in Q3.
According to the latest report received from the developer partner, there is a slight change in the project cost which has risen by an additional $5.9 million mainly due to an increase in the built-up area, the implementation of additional works in the entertainment area, and some other works on the site.
With this, the total project cost inclusive of the value of the land has surged to $238.4 million (SR895.3 million).
