Saudi Arabian real estate company Alandalus Property has begun construction on a new commercial centre project in Makkah.
The company announced on Sunday that construction has begun on the commercially-zoned land it purchased in 2021 in the Umm Jurfan neighbourhood southwest of Makkah on the Fourth Ring Road
The project is expected to cost around $221 million (SAR831 million), including the value of land, and is slated for completion in the first quarter of 2027.
The commercial centre will include an estimated gross leasable area of over 50,650 square metres and 350 rental units ranging from showrooms, retail outlets, hypermarket, entertainment area, and indoor and outdoor restaurants and cafes.
The design spans two floors and includes a multilevel car park.
The company said required permits have been obtained from the municipality and construction and structural works have already begun. The project will be financed mainly from bank loans through the project company and through its partners’ own capital.
The project is being developed by Masat Property Company, a joint subsidiary of Alandalus and Buroj International, which has in turn appointed Hamat Holding Company, in which Alandalus holds a 25% stake.