Month: October 2024

Construction Resumes on the World’s Tallest Tower in Jeddah, Saudi Arabia

Construction Resumes on Jeddah Economic Company Tower

Work is set to resume on the Jeddah Economic Company Tower in Saudi Arabia, which will become the tallest tower in the world at over one kilometer high when completed. The Jeddah Economic Company (JEC), affiliated with Kingdom Holding Company (KHC) and chaired by Prince Alwaleed Bin Talal, has partnered with Saudi Binladin Group to move forward with construction.


Expected Completion in 42 Months

Construction on the tower, which currently has 63 of its planned 157 floors completed, is scheduled to finish in 42 months. This milestone marks a significant development for the project, which had experienced delays in the past.


Project Valued at $2 Billion

The total value of the construction contract is estimated at SAR7.2 billion (US$2 billion), with SAR1.1 billion already paid for work previously completed. JEC will finance the remaining construction costs through internal funding and banking facilities.


Part of a Larger Development: Jeddah Economic Company City

The Jeddah Economic Company Tower is part of the larger Jeddah Economic Company City project. Phase 1 of the development spans 1.3 million square meters, while the entire city covers 5.3 million square meters. Infrastructure for Phase 1, including utilities such as electricity, water, sewage systems, flood drainage, and high-speed internet, has already been completed.


Ownership and Financial Agreements

In July, Kingdom Holding, Sumuo Holding Company, and JEC finalized an agreement to take ownership of the Al Inma Jeddah Economic Fund, which was previously wholly owned by JEC. This agreement further strengthens the financial backing for the tower’s completion.


History of Construction Delays

The Jeddah Economic Company Tower initially began construction in 2013. However, the project faced several delays due to controversies surrounding contractors. Work was paused in 2017 when Prince Alwaleed and Saudi Binladin Group fell out of favor during Saudi Arabia’s anti-corruption campaign. Despite these challenges, Prince Alwaleed has consistently maintained his innocence.


JEC’s Joint Venture Partners

Jeddah Economic Company was founded in 2009 as a joint venture involving several real estate and development companies, including Kingdom Holding Company, Abrar Holding Company, Qila’a Jeddah Company, and Saudi Binladin Group.


The Tower to Surpass Burj Khalifa

Upon completion, the Jeddah Economic Company Tower will surpass Dubai’s Burj Khalifa, which currently holds the record as the world’s tallest building at 828 meters. This project will cement Saudi Arabia’s place in architectural history with the construction of the world’s tallest tower.

NCR Housing Sales Decline Due to Low Inventory and Rising Prices, Mid-Segment Faces Continued Downward Trend

Housing sales in the National Capital Region (NCR) dropped by 7% during July-September 2024, as a shortage of homes priced below Rs 1 crore and increasing home prices impacted the market, according to data from Knight Frank India. The region recorded 12,976 housing units sold in Q3 2024, compared to 13,471 in Q2 and 15,907 in Q1, reflecting a significant 16% drop from the beginning of the year.

Supply Shortage in Affordable Housing

The decline in sales is largely attributed to a lack of inventory in the under Rs 1 crore price segment, especially in areas like Gurgaon and Greater Noida. Homebuyers are being pushed towards higher-priced properties due to limited availability in the more affordable segment, according to Vivek Rathi, head of research at Knight Frank India.

Shift Towards Premium and Luxury Segments

Most of the new housing supply in the NCR is focused on premium and luxury properties priced above Rs 1 crore. Homes previously priced at Rs 90 lakh are now listed for over Rs 1.1 crore, further affecting demand in the mid-segment. Experts suggest the market will only recover when prices decrease or a substantial increase in inventory under Rs 1 crore occurs.

National Decline in Mid and Affordable Housing

Across India, the affordable housing segment (under Rs 50 lakh) saw a 14% decline in sales for the July-September quarter, while the Rs 50 lakh to Rs 1 crore segment recorded a 13% drop. In contrast, the premium segment (above Rs 1 crore) experienced a 41% year-on-year growth, driving overall sales in the residential market.

Rising Home Prices and Mortgage Rates

NCR home prices increased by 4% year-on-year to Rs 4,835 per sq ft in the first half of 2024, similar to price trends in Mumbai. Rising home prices, coupled with mortgage rate hikes of 150-200 basis points, have particularly impacted first-time buyers, forcing them to delay purchasing decisions and await market corrections.

Stunning Modern Villa Overlooking Ancient Olive Groves in Halkidiki, Greece

A luxurious modern villa, built in 2020, is located in Halkidiki, Northern Greece, offering breathtaking views of ancient olive groves and the stunning Lagomandra coastline. This unique property combines contemporary design with nature’s rugged beauty, making it a rare find on the real estate market.

Stunning Design and Unmatched Sea Views

Designed by architect Argyri Chalkia, this villa perfectly integrates open spaces and floor-to-ceiling glass windows, allowing every room to enjoy panoramic sea views. A 10-meter sliding glass door opens the living room to the patio and infinity pool, offering uninterrupted views of the Toroneos Gulf and Kelifos Island.

Spacious Outdoor and Entertaining Areas

Spread across 1.5 acres, the property features multiple outdoor areas for dining, lounging, and entertaining. The patio leads to a unique pool, sunbathing lawn, and a sunken seating area with a fire pit – an ideal spot to watch the sunset while sipping a glass of wine.

Luxurious Amenities

This five-bedroom, five-bathroom villa includes a self-contained two-bedroom basement apartment. The basement also boasts a luxurious spa area with a sauna, hammam, and gym, as well as a cinema room. Outside, the rooftop garden provides 360-degree views of the sea, mountains, and olive groves. A private parking area can accommodate up to eight cars.

Direct Beach Access and Award-Winning Design

The villa offers direct access to a private beach, making it a prime location for beach lovers. The property has received prestigious awards, including “Greek Hotel of the Year” and “Design Villa of the Year.” Its luxurious amenities and stunning location make it an unmatched getaway for relaxation and leisure.

Prime Location in Halkidiki

Located on Sithonia, the central peninsula of Halkidiki, the villa is surrounded by serene beaches, gourmet dining, and outdoor adventures. Porto Carras, famous for its marina and golf course, is nearby, offering top-tier facilities and leisure activities. Halkidiki is also renowned for its excellent seafood and local cuisine, with notable restaurants such as Squirrel and Mpoukadoura.

Agent: Daniela Katsoulaki, JK Property & Yachting, Luxury Portfolio International.

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